Crude oil futures are set to close the month and the quarter higher on the market facing supply tightness.
At 9.52 a.m. on Friday, December Brent oil futures were at $93.17, up by 0.08 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $91.80, up by 0.10 per cent.
October crude oil futures were trading at ₹7,634 on the Multi Commodity Exchange (MCX) during initial against the previous close of ₹7,623, up by 0.14 per cent, and November futures were trading at ₹7,499 as against the previous close of ₹7,487, up by 0.16 per cent.
Meet to hint plans
Brent future is up around 8 per cent in September and above 20 per cent in the third quarter of 2023. WTI future is up around 10 per cent in September and around 30 per cent in Q3 of 2023.
The recent decisions by Saudi Arabia and Russia to extend production output cuts till December-end have helped boost the price of the commodity in the international market. Apart from this, Russia had recently introduced temporary restrictions on the export of fuel products. Both Russia and Saudi Arabia are the major producers of crude oil in the world market.
Market is now waiting for the meeting of the OPEC (Organization of the Petroleum Exporting Countries) and allies, known as OPEC+, which is scheduled on October 4. The meeting will give a signal on the plans of Saudi Arabia with regard to crude oil production as the price has seen more than 20 per cent jump during the third quarter of 2023.
Market reports said the domestic travel during the Golden Week celebration in China is likely to boost the demand for crude oil. China is a major consumer of crude oil in the world market.
October natural gas futures were trading at ₹248.10 on MCX against the previous close of ₹244.70, up by 1.39 per cent.
On NCDEX, turmeric December futures increased by 3.89 per cent to ₹14,470 a quintal, while cottonseed oil cake gained 1.34 per cent at ₹2,715 a quintal.