Login ID:
Password:
Partner Login
Contact Us : 7066511911

Oil edge up but strong dollar caps gains

26 Sep 2022 7:39 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 26 Sep (Commoditiescontrol): Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.

The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains.

Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Both contracts slumped around 5% on Friday.

Analysts said crude should find some support as Russia reinforces troops for the war on Ukraine and European Union sanctions on Russian oil are set to take effect in December.

With prices plunging, attention will turn to what the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, may do when they meet on Oct. 5, after agreeing to cut output modestly at their last meeting.

"The sell-off could see OPEC intervene again," ANZ Research analysts said in a note, pointing to remarks by Nigeria's oil minister, Timipre Sylva, saying OPEC would consider output cuts as current prices were hurting the budgets of some members.

But given that OPEC+ is producing well below its targeted output, any announced cut is unlikely to have much, if any, impact on actual supply.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Long/Short Quantity Position In NCDEX Castor seed on 7t...
Soy Oil Rallies as Argentina's SoyDollar Scheme Nears E...
NCDEX Stock position of commodities at NCCL approved wa...
DCE Oil Complex Mid Day Closing 08 Dec 2023
Govt Revised Custom Ex. Rate of USD to Rs 84.30 from Rs...
more
Top 5 News
Bangkok/kualalumpur Rubber Rates 08 December , 20...
Long/Short Quantity Position In NCDEX Castor seed on 7t...
Copper Prices Climb on Strong Chinese Export Data, Sign...
Soy Oil Rallies as Argentina's SoyDollar Scheme Nears E...
NCDEX Stock position of commodities at NCCL approved wa...
Top 5 Special Reports
US cotton net export sales for Nov 24-30 at 116,400 RB,...
US soybean net sales for Nov 24-30 at 1,517,600 MT, dow...
Desi Moong (Jaipur) Trading Near Key Support (Rs. 8,3...
Rajkot Groundnut Oil Loose Correction Underway / Next...
Baltic Dry Index Soars to 18-Month High Amid Global Shi...
Copyright © CC Commodity Info Services LLP. All rights reserved.