Commodities

Crude oil gains on MCX following Saudi comments on Omicron impact

Our Bureau | | Updated on: Dec 06, 2021
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Natural gas futures down 9% on MCX; dhania up on NCDEX

Crude oil futures, which opened higher on the Multi Commodity Exchange (MCX) on Monday morning, continued to hold on its gains during the afternoon trading session..

On MCX, the December crude oil futures were trading at ₹5,120 on Monday afternoon trading against the previous close of ₹5,032, up by 1.75 per cent.

The trends in Indian futures market were in line with the global trends as the February Brent oil futures were trading at $71.52, up by 2.35 per cent; and the January crude oil futures on WTI were trading at $68, up by 2.63 per cent.

This trend follows a decision by Saudi Arabia, one of the major oil exporters, to increase the crude oil prices. According to reports, Saudi Arabia raised the price of January crude by 80 cents. Reports quoting a statement by an executive of Saudi Aramco said impact of the omicron variant of coronavirus has been played up too much.

December futures of natural gas were trading at ₹288 on MCX on Monday afternoon against the previous close of ₹317.80, down by 9.38 per cent.

The January futures of natural gas were trading $3.801 on NYMEX down by 8.01 per cent. Concerns about the demand for natural gas during winter vanished following mild weather forecasts in the first half of December.

NCDEX

On the National Commodities and Derivatives Exchange (NCDEX), the December futures of dhania (coriander) were trading at ₹8,584 on Monday afternoon against the previous close of ₹8,328, up by 3.07 per cent.

The December dhania futures were trading at ₹6,430 on NCDEX in the Monday afternoon trading session against the previous close of ₹6,470, down by 0.56 per cent.

Published on December 06, 2021

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