Crude oil futures continued their upward trend on the Multi Commodity Exchange (MCX) on Wednesday afternoon. The December futures traded at ₹5,136 as against the previous closing of ₹4,896, up by 4.90 per cent.
This follows the OPEC (Organisation of Petroleum Exporting Countries) and other producers under OPEC+ plans to hold meetings on Wednesday and Thursday to decide the supply of crude oil in January.
The February Brent oil futures were trading at $71.84, up by 3.77 per cent, the January crude oil futures on WTI were trading at $68.50, up by 3.51 per cent. Brent crude oil futures had gone below $68 in the previous session, hitting a three-month low.
Many market participants felt that the OPEC participants meeting could restrain the supply of crude oil in January.
On MCX, the December natural gas futures were trading at ₹330.80 in the afternoon on Wednesday, down by 4.67 per cent, against the previous close of ₹347.
The January contracts of US natural gas were trading at $4.398 on NYMEX, down by 3.70 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), the December soyabean futures were trading higher at ₹6,339 in the afternoon trading on Wednesday against the previous close of ₹6,112, up by 3.71 per cent.
On NCDEX, the December futures of turmeric (unpolished) were trading at ₹7,410 in the Wednesday afternoon, as against the previous close of ₹7,512, down by 1.36 per cent.