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Crude oil futures, which opened higher on the Multi Commodity Exchange (MCX) on Friday morning, continued to remain higher during afternoon trade also.
December crude oil futures were trading at ₹5,106 on Friday afternoon on the MCX against the previous close of ₹4,967, up by 2.8 per cent.
February Brent oil futures were trading at $71.38, up by 2.45 per cent, and January crude oil futures on WTI were trading at $68.16, up by 2.5 per cent.
On Thursday, the OPEC+ (Organisation of Petroleum Exporting Countries) announced to continue with its earlier plans of adding 400,000 barrels per day (bpd) of crude oil in January. However, it also took the possible impact of the Omicron variant of corona virus into consideration, and said that it could quickly adjust the supply in case there is any impact on the demand.
Recently, the US had proposed to release crude oil from the reserves. However, now the US administration is ready to re-adjust the proposed release timing of crude oil from the reserves, if the there is a drop in the demand for fuel globally.
On MCX, December contracts of rubber were trading at ₹18,200 during Friday afternoon trade as against the previous close of ₹18,234, down by 0.19 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), December futures of soyabean and refined soyabean oil were up by 2.22 per cent and 1.45 per cent, respectively, during Friday afternoon trading.
On NCDEX, December soyabean futures were trading at ₹6,535 on Friday afternoon against the previous close of ₹6,393, and December refined soyabean oil futures were trading at ₹1,200 against the previous close of ₹1,182.
December futures of guar gum and guar seed were down by 1.25 per cent and 0.79 per cent, respectively, on NCDEX in the afternoon trading on Friday.
December guar gum futures were trading at ₹9,780 on NCDEX on Friday afternoon against the previous close of ₹9,904, and December guar seed futures were trading at ₹5,628 against the previous close of ₹5,673.
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