Informist, Wednesday, Dec 8, 2021

By Sayantan Sarkar

MUMBAI – Crude oil prices in India were flat today after sharp gains in the last two trading sessions, tracking global prices, as fears over the impact of Omicron faded. 

* "Assuming momentum remains positive in global markets, a fall in official US Crude Inventories, will probably be an excuse for oil prices to rally once again," Jeffrey Halley, senior market analyst at OANDA, said in a report.  

* The American Petroleum Institute had reported that crude stockpiles had declined by 3.1 mln barrels for the week ended Friday on Tuesday.

* The official weekly inventory data by the US Energy Information Administration is due to be released later today. 

* At 1801 IST

  --The December crude oil contract on the Multi Commodity Exchange of India was flat at 5,457 rupees per bbl.

  --The January contract on the New York Mercantile Exchange was up 0.1% at $72.10 per bbl. 

* Meanwhile, an impasse in nuclear talks between Iran, the US, and other world powers boosted market sentiment further as the likelihood of oil supply from Tehran in the coming months dwindled. 

* Outlook for the evening session by Reliance Securities:

  --The MCX contract is seen at 5,290-5,690 rupees per bbl

  --The NYMEX contract is seen at $70.05-$73.55 per bbl.  End 

US$1 = 75.45 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Snigdha Kuttikat

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