Crude oil futures were mixed on the Multi Commodity Exchange (MCX) during the initial hours of trading on Monday with February contracts dropping with the settlement nearing. The March contract was up as Brent crude futures ruled above $93.50 a barrel.
February crude oil futures were trading at ₹6876 against the previous close of ₹6,902, down by ₹26. March futures were up by ₹9 at ₹6,790.
April Brent oil futures were at $93.61, up by 0.31 per cent; and March crude oil futures on WTI at $92.14, down by 0.18 per cent.
Concerns over the supply disruptions due to winter storms in the US and production being affected there made an impact on the prices of the commodity.
Though the last week’s meeting of Organization of the Petroleum Exporting Countries (OPEC), and allies collectively known as OPEC+, agreed to increase the crude oil production to 400,000 barrels a day in March, some member nations are finding it difficult to meet the target.
Reports said there was progress in the discussions between the US and Iran on the nuclear deal. They also said Iran could add to oil shipments if the US lifts the sanctions. This will help in increasing the crude oil supply to the global markets.
February nickel futures were trading at ₹1,768.20 on MCX in the initial hour of Monday morning against the previous close of ₹1,742.60, up by 1.47 per cent.
Dhaniya, cottonseed oilcake up
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹10,670 in the initial hour of Monday morning as against the previous close of ₹10472, up by 1.89 per cent.
February cottonseed oilcake futures were trading at ₹3,116 on NCDEX in the initial hour of Monday morning against the previous close of ₹31,03, down by 0.42 per cent.