Informist, Tuesday, Sep 28, 2021
By Sayantan Sarkar
MUMBAI – Oil prices in India jumped to a 12-week-high earlier today, tracking prices in the international markets that rose due to a supply crunch from US producers.
* The October crude oil contract on the Multi Commodity Exchange of India touched a 12-week high of 5,675 rupees per barrel, while the West Texas Intermediate crude price on the New York Mercantile Exchange also hit a 12-week high of $76.67 per barrel earlier today.
* A stronger dollar, however, weighed on international prices as oil becomes expensive to holders of other currencies when the greenback appreciates, limiting demand.
* At 2022 IST
–The October crude oil contract on the Multi Commodity Exchange of India was up 0.3% at 5,588 rupees a bbl.
–The November contract on the New York Mercantile Exchange was down 0.3% at $75.20 per bbl
* Crude oil prices have surged in the last few weeks after Hurricane Ida shut down operations in the US Gulf of Mexico nearly a month ago. Regional production has still not fully recovered, according to reports.
* Goldman Sachs has also scaled up its forecast for Brent crude oil on the Intercontinental Exchange by $10 per bbl to $90 per bbl for Oct-Dec due to global supply-demand mismatch.
* Outlook for the evening session:
–The MCX contract is seen at 5,420-5,680 rupees per bbl
–The NYMEX contract is seen at $74.90-$76.00 per bbl
End
US$1 = 74.04 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2021. All rights reserved.
Informist, Tuesday, Jun 6, 2023 –Tata Consumer: Consolidating JV ownerships in S Africa, Bangladesh–Tata Consumer MD, CEO: India FY23 foods ops revenue up 26%–Tata Consumer MD, CEO: India beverage ops revenue rose 1% in FY23–Tata Consumer: Sales ratio improved to 3.4% in FY23–Tata Consumer: Expect to complete Tata Coffee merger this year–Tata Consumer: FY23 margin hit […]
Informist, Tuesday, Jun 6, 2023 –Sources: National infra financing bk plans up to 100-bln-rupee bonds–National infra financing bk may seek bids for bonds this mo By Subhana Shaikh MUMBAI – National Bank for Financing Infrastructure and Development, also known as NaBFID, plans to tap the debt market with its maiden bond issue, worth up to 100 bln rupees, this month, sources aware of the […]
Informist, Tuesday, Jun 6, 2023 By Vivek Kumar MUMBAI – Earnings expectations of domestic information technology companies took a hit today after the US-based software engineering company EPAM Systems lowered its revenue growth guidance, citing caution among clients with respect to technology spending. "In the weeks since our Q1 (Jan-Mar) earnings call, we have seen our clients become even […]
Follow Informist
