Informist, Wednesday, Jul 27, 2022
By Chinmay Mungse
MUMBAI – Crude oil prices in India and abroad rose today as data by the American Petroleum Institute showed a larger than expected drawdown in US crude stockpiles
* According to API, crude stocks in the US fell by 4 mln barrels, against analysts’ expectations of a 1-mln-barrel decline.
* “Crude Oil prices are up awaiting official weekly inventory data after US API report showed a drawdown in crude oil and gasoline inventories,” said Tapan Patel, senior analyst at HDFC Securities.
* At 1717 IST:
–August contract on the Multi Commodity Exchange of India was up 0.4% at 7,697 rupees per bbl.
–September contract on the New York Mercantile Exchange was up 1.2% at $96.17 per bbl
* According to reports, Saudi Arabia, the world’s top crude oil exporter, is considering raising the price of its flagship crude to Asia at a record differential for September despite weak physical demand.
* Elvira Nabiullina, head of Russia’s central bank, has indicated that Russia would not supply oil to countries that impose a price cap on its oil, Commerzbank AG said in a report.
* Outlook for the evening session:
–MCX contract is seen at 7,540-7,910 rupees per bbl
–NYMEX contract is seen at $94.00-$99.00 per bbl
End
US$1 = 79.90 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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