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The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

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Commodities

26 Oct 2021

Oil Declines Ahead of Stocks Data Release

The Index Today

On Tuesday, Oil fell lower after seeing a rise driven to sustain increased demand in the U.S. Brent Crude went down to $85.94 a barrel by 0631 GMT. The fall was seen after gaining a traction of 0.5% whereas U.S oil fell 12 cents to $83.64 a barrel.

In other news, China’s coal industry have stabilized after initial intervention from the government and energy prices moving upwards around the world. Senior market analyst Edward Moya said, “Forecast for a colder November have energy traders bracing for a very tight market that will be met with unprecedented demand this winter.” He further said, “This oil market will remain tight and that should mean a headline or two away from $90 oil.”

According to Goldman Sachs, Brent may exceed $90 a barrel which is beyond the estimated figure for the year-end. The bank has also said that 1 million barrels per day can be added by simply switching from oil to gas.

U.S inventory levels will most likely be under scrutiny this week as it was reported that stockpiles increased by 1.7 million barrels last week. Avtar Sandu, senior manager at commodities at Phillip Futures in Singapore said, “Limited global oil supplies and signs of increasing demand would continue to see elevated crude oil prices.”

Clay pottery with table linens