Informist, Friday, Dec 30, 2022
By Sayantan Sarkar
MUMBAI – Crude oil contracts on the domestic and international exchanges were in the red as concerns about renewed lockdowns in China and rising inventories in the US dulled investor sentiment.
* After easing restrictions recently, China has witnessed a spike in new COVID-19 infections over the past few weeks. This has raised concerns about renewed lockdowns and lower usage of fuel for travel and social activities.
* Crude oil inventories in the US rose by 700,000 barrels last week, according to the Energy Information Administration. This dulled the sentiment among investors as well.
* Earlier this year, prices had climbed over $100-per-barrel after Russia invaded Ukraine in February. Western countries such as the US, UK and others had imposed tough sanctions on Russian crude and gas supplies.
* At 1937 IST:
--January contract on the Multi Commodity Exchange of India was down 0.3% at 6,457 rupees per barrel.
--February contract on the New York Mercantile Exchange was down 0.7% at $77.86 per bbl.
* As the year comes to an end, this week witnessed lower trade volumes in crude oil contracts amid holidays. Analysts have said that prices are likely to be volatile next week due to uncertainties in geopolitics and oil supply after Russia said it will reduce its output in response to the price cap imposed on Moscow by the Group of Seven countries and the European Union.
* Outlook for the evening session:
--MCX contract is seen at 6,250-6,770 rupees per bbl
--NYMEX contract is seen at $77.40–$79.60 per bbl
End
US$1 = 82.72 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. 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.
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Informist, Friday, Dec 30, 2022
By Sayantan Sarkar
MUMBAI – Crude oil contracts on the domestic and international exchanges were in the red as concerns about renewed lockdowns in China and rising inventories in the US dulled investor sentiment.
* After easing restrictions recently, China has witnessed a spike in new COVID-19 infections over the past few weeks. This has raised concerns about renewed lockdowns and lower usage of fuel for travel and social activities.
* Crude oil inventories in the US rose by 700,000 barrels last week, according to the Energy Information Administration. This dulled the sentiment among investors as well.
* Earlier this year, prices had climbed over $100-per-barrel after Russia invaded Ukraine in February. Western countries such as the US, UK and others had imposed tough sanctions on Russian crude and gas supplies.
* At 1937 IST:
--January contract on the Multi Commodity Exchange of India was down 0.3% at 6,457 rupees per barrel.
--February contract on the New York Mercantile Exchange was down 0.7% at $77.86 per bbl.
* As the year comes to an end, this week witnessed lower trade volumes in crude oil contracts amid holidays. Analysts have said that prices are likely to be volatile next week due to uncertainties in geopolitics and oil supply after Russia said it will reduce its output in response to the price cap imposed on Moscow by the Group of Seven countries and the European Union.
* Outlook for the evening session:
--MCX contract is seen at 6,250-6,770 rupees per bbl
--NYMEX contract is seen at $77.40–$79.60 per bbl
End
US$1 = 82.72 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. 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 (22) 6985-4000 /+91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
