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Crude oil futures were trading lower on the Multi Commodity Exchange (MCX) in the initial hour of Wednesday morning.
The January crude oil futures were trading at ₹5,735 in the initial hours of Wednesday morning as against the previous close of ₹5,761, down by 0.45 per cent.
March Brent oil futures were at $79.87, down by 0.16 per cent; and the February crude oil futures on WTI at $76.86, down by 0.17 per cent.
According to market reports, the fall in prices could be due to the increasing fuel stockpiles of the US, as it is a major consumer of crude oil in the world. Market reports said the increasing stockpiles exceeded the expectations of the analysts.
An OPEC (Organisation of the Petroleum Exporting Countries) press release said that Tuesday’s meeting decided to adjust upward the monthly overall production by 400,000 barrels a day for February. With this, OPEC and its allies, including Russia, have stuck to the original plan to increase output by 400,000 barrels a day in February.
On MCX, January aluminium futures were trading at ₹226.65 in the initial hour of Wednesday morning as against the previous close of ₹226.15, up by 0.22 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), the January futures of cotton seed oilcake were trading at ₹3,316 in the initial hour of Wednesday morning, against the previous close of ₹3,298, up by 0.70 per cent.
January contracts of guar gum were trading at ₹11,085 on NCDEX on Wednesday morning, as against the previous close of ₹11,162, down by 0.69 per cent.
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