Profit Sheets

Oil price’s stabilise after wild swings on prospect of crude stockpiles release

November 19, 2021 10:13 AM

Oil price's stabilise after wild swings on prospect of crude stockpiles release
Brent crude was up 28 cents or 0.3% at $81.52 a barrel by 0145 GMT, after falling to a six-week low on Thursday before rebounding to close 1.2% higher.

TOKYO: Oil NSE -3.18 % price’s steadied on Friday as investors paused for breath following a day of wild swings prompted by the prospect of coordinated action by the world’s major economies to release official crude reserves from stocks.

Brent crude was up 28 cents or 0.3% at $81.52 a barrel by 0145 GMT, after falling to a six-week low on Thursday before rebounding to close 1.2% higher.

U.S. crude was up 19 cents at $79.20 a barrel, having swung through a more than $2 range the previous session before closing up. Both are heading for a fourth week of declines.

The market gyrations followed a Reuters report that the United States had asked China, Japan and other big buyers to join a release of crude stocks from Strategic Petroleum Reserves (SPR)

Also Read : Oil prices dip amid Delta variant threat, Brent crude reaches $74.58 per barrel

“The market remains fundamentally tight and any volumes released are unlikely to substantially alter the global balance,” Fitch Solutions commodities analysts said in a note. “As such, we expect any downside to prices to be limited in both scale and duration.”

The Biden administration’s push for a coordinated release of oil stockpiles has been seen as a signal to the OPEC+ production group that it should raise output to address concerns of high fuel prices in the world’s biggest economies, starting with the United States, China and Japan.

OPEC+, grouping the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, has maintained what analysts says is unprecedented restraint on production, even as prices have rebounded from the depths of the early stages of the coronavirus pandemic.

Meanwhile data showing Saudi Arabia’s oil  exports hit an eight-month high in September, rising for a straight fifth month, also helped keep price’s in check.

Leave a comment

Your email address will not be published. Required fields are marked *

Market Live Updates


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy  Click Here
Asian Paints 2577.00 Buy  Click Here
HDFC 2448.00 Buy  Click Here
HDFCAMC 2790.00 Buy  Click Here
TCS 3120.00 Buy  Click Here



NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ITC 253.75 1.83 1,26,68,576
M&M 807.10 1.73 48,32,584
JSWSTEEL 728.65 1.55 42,75,780
TATACONSUM 776.30 1.36 21,46,724
HINDUNILVR 2,043.00 1.34 16,38,568
COMPANY LTP %CHNG VOLUME
HINDALCO 569.90 -4.98 1,67,38,310
DIVISLAB 4,431.15 -2.37 3,48,495
APOLLOHOSP 4,525.45 -1.94 8,77,622
RELIANCE 2,634.00 -1.46 33,99,115
CIPLA 1,014.65 -1.39 12,17,592