Comments
Crude oil futures traded marginally higher on global exchanges on Tuesday morning following hopes that monetary policy tightening by the US will be less aggressive and expectations of a demand recovery in China.
At 10 am on Tuesday, March Brent oil futures were at $88.21, up by 0.02 per cent, and March crude oil futures on WTI were at $81.66, up by 0.05 per cent.
February crude oil futures were trading at ₹6,683 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6,705, down by 0.33 per cent, and March futures were trading at ₹6,723 against the previous close of ₹6,743, down by 0.30 per cent.
25 basis point hike?
Market is expecting the US Fed Reserve to carry out a smaller interest rate increase of around 25 basis points in its next meeting. This will help boost the demand for crude oil in the US market. The Fed had resorted to aggressive increase in the interest rates in the recent past to control inflation in that country.
Related Stories
Sensex, Nifty rise on earnings, easing recession worries
Nifty 50 was up 0.26% at 18,167, while BSE Sensex rose 0.32% to 61,145 in early tradeThe relaxation in Covid control measures in China has been creating demand for crude oil in the global market. China is a major consumer of crude oil. Reports noted that there is an increase in the travel-related activities in China during the ongoing Lunar New Year holiday. These factors are boosting the demand for crude oil.
OPEC (Organization of Petroleum Exporting Countries) and IEA (International Energy Agency) recently said the reopening of the economy in China would boost demand for the crude oil.
Jeera, guar gum fall
February natural gas futures were trading at ₹267.40 on MCX in the initial trading hour of Tuesday morning against the previous close of ₹256.40, up by 4.29 per cent.
Related Stories
Rupee falls 26 paise to 81.68 against US dollar
The US dollar index, which shows the strength of the greenback against six world currencies, was down 0.17 per cent at 101.96On the National Commodities and Derivatives Exchange (NCDEX), February guar gum contracts were trading at ₹13,157 in the initial trading hour of Tuesday morning against the previous close of ₹13,325, down by 1.26 per cent.
March jeera futures were trading at ₹31,930 on NCDEX in the initial trading hour of Tuesday morning against the previous close of ₹32,215, down by 0.88 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.