Oil eases 1% on profit taking after Brent sizzles to $97/bbl; OMCs in focus
Oil futures eased about 1 per cent in late trade hours on Thursday, September 28 as traders took profits after prices soared early to one-year highs and investors worried that high interest rates may weigh on western economies and oil demand.
On its second to last day as the front-month, Brent futures for November delivery fell 43 cents, or 0.5 per cent, to $96.12 a barrel. Brent futures for December, which will soon be the new front-month, were down 0.3 per cent to $94.07 per barrel. US West Texas Intermediate (WTI) crude fell 77 cents, or 0.8 per cent, to $92.91 per barrel, according to news agency Reuters.
The Brent front-month rose early to its highest since November 2022 and WTI to its highest since August 2022 on scarce supply and inventory declines. But with Brent near $100 a barrel, more traders are worried that high oil prices will encourage central bankers to persist with high interest rates to curb sticky inflation.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, were last trading 1.46 per cent higher at ₹7,678 per bbl, having swung between ₹7,672 and ₹7,884 per bbl during the session so far, against a previous close of ₹7,792 per barrel.
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Updated: 28 Sep 2023, 10:40 PM IST
