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Crude oil futures fell on the Multi Commodity Exchange (MCX) during the noon session keeping in line with the global trend. Globally, crude oil futures were down a tad after having hit a two-week high earlier this year. February Brent oil futures were trading at $75.09, down by 0.46 per cent and the January crude oil futures on WTI were trading at $71.58, down by 0.65 per cent.
The global futures market also dropped on the impact of the OMICRON variant of corona virus on society and economy. Other factor that affected was the growing tension between Moscow and Ukraine. Considering the tension, US President Joe Biden warned Russia that it could face sanctions from the West.
December crude oil futures traded lower at ₹5,401 on the MCX against the previous close of ₹5470, down by 1.26 per cent.
December natural gas futures went up by 3.78 per cent . December natural gas futures were trading at ₹291 on the MCX against the previous close of ₹280.4 on Wednesday.
January futures of natural gas were trading at $3.837 on the NYMEX, up by 3.48 per cent.
Natural gas futures, which went down by almost 10 per cent on Monday, gained during Tuesday trade following a gain in the natural gas futures in Europe.
NCDEX
December futures of refined soyabean oil were trading at ₹1,215 on the National Commodities and Derivatives Exchange (NCDEX) on Wednesday afternoon against the previous close of ₹1229.6, down by 1.11 per cent.
This follows the trend in the global market as the US administration has proposed to increase the amount of biofuel required to blend with the oil refineries.
However, December soyabean futures were up by 1.56 per cent during Wednesday afternoon trade,
December soyabean futures were trading at ₹6,624 on the NCDEX as against the previous close of ₹6,522 on Wednesday afternoon.
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