Informist, Monday, Nov 22, 2021
By Sayantan Sarkar
MUMBAI – Crude oil prices in India and abroad were in the red today as the prospect of rising supply and poor demand weighed on the sentiment.
* The US is contemplating releasing oil from its strategic reserves to cool down fuel prices in the country, while China and Japan have also come forward to release supplies from their respective reserves.
* In addition, the sentiment in the oil market has turned sour as rising COVID-19 cases in Europe could severely dampen consumption patterns from the continent.
* At 1846 IST
–The December crude oil contract on the Multi Commodity Exchange of India was down 0.4% at 5,646 rupees per bbl
–The January contract on the New York Mercantile Exchange was down 0.4% at $75.61 per bbl.
* “In terms of price structure, we believe that some of the downside risk related to a coordinated US-China SPR release has by now been priced in, but the US may pull out more tools to cheapen gasoline ahead of Thanksgiving,” Rystad Energy said in a note.
* Outlook for the evening session by Sriram Iyer, sneior analyst at Reliance Securities:
–The MCX contract is seen at 5,570-5,800 rupees per bbl
–The NYMEX contract is seen at $73.0-$76.3 per bbl. End
US$1 = 74.41 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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Source: Cogencis
