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Crude oil futures opened higher on the Multi Commodity Exchange (MCX) on Friday morning as the OPEC+ (Organisation of Petroleum Exporting Countries) decided to continue with its earlier plans of adding 4,00,000 barrels per day (bpd) of crude oil in January.
The December crude oil futures were trading at ₹5,093 in the initial hour of trading on Friday morning on the MCX against the previous close of ₹4,967, up by 2.54 per cent.
The February Brent oil futures were trading at $70.84, up by 1.68 per cent while the January crude oil futures on WTI were trading at $67.72, up by 1.83 per cent.
Thursday’s meeting of OPEC+, which includes Russia, decided to continue with its plans of adding 4,00,000 bpd of crude oil supply in January. However, the impact of the omicron variant of corona virus can lead to a change in the decision of the oil exporters, if the variant affects the demand for crude oil globally.
Apart from the concerns over the impact of Omicron variant on the global fuel demand, the proposed release of crude oil surplus from the reserves by the oil-consuming nations could also affect the demand. However, US Deputy Energy Secretary David Turk said that the timing of the proposed release could be adjusted if the there is a drop in the demand for fuel globally.
On MCX, the December contracts of mentha oil were trading at ₹935 in the initial hour of trading on Friday morning as against the previous close of ₹937.20, down by 0.23 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), the December futures of soyabean and refined soyabean oil were up by 1.41 per cent and 1.02 per cent, respectively, in the initial hour of trading on Friday morning. The December soyabean futures were trading at ₹6,483 on Friday morning against the previous close of ₹6,393. The December futures refined soyabean oil were trading at ₹1,195 on Friday morning against the previous close of ₹1,182. On NCDEX, the December futures of guar gum and guar seed were down by 1.25 per cent and 0.93 per cent, respectively, in the initial hour of trading on Friday morning.
The December guar gum futures were trading at ₹9,780 on NCDEX on Friday morning against the previous close of ₹9,904. The December futures guar seed were trading at ₹5,620 on Friday morning against the previous close of ₹5,673.
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