Informist, Wednesday, Sep 22, 2021

By Rahul Dhuri

MUMBAI – Oil prices in the Indian market rose today tracking gains in the overseas market, where prices increased as demand from the US, one of the largest consumers, is expected to be higher going ahead. 

* The US administration announced that it would lift the travel ban for people fully vaccinated against COVID-19 from November, which is likely to ramp up demand for the commodity. 

* US crude stockpiles fell sharply in the week ended Friday, amid slow recovery of US production following disruptions from Hurricane Ida, which further supported crude oil prices, analysts said.

* At 1750 IST

  --The October crude oil contract on Multi Commodity Exchange of India was up 1.5% at 5,285 rupees a bbl.

  --The November contract on the New York Mercantile Exchange was up 0.9% at $71.39 per bbl

* Investors will remain worried about the property crisis in China, which may create a domino effect on the economy and oil demand. Evergrande, a Chinese property developer company, had borrowed $300 bln and is unable to pay back its debt, raising serious questions about the health of China's economy.

End

US$1 = 73.87 rupees

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

Edited by Pranav S. Joshi

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