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Crude oil futures gained on Thursday following a drop in US crude oil reserves and data showing signs of economic growth globally.
January crude oil futures were trading at ₹5,515 on the Multi Commodity Exchange (MCX) during the initial hour of Thursday morning against the previous close of ₹5,468, up by 0.86 per cent.
March Brent oil futures were trading at $75.41, up by 0.17 per cent and February crude oil futures on WTI were trading at $72.96, up by 0.27 per cent.
Crude oil inventories in the US dropped last week, as per data provided by the American Petroleum Institute. It was more than the market expectations. This helped boost prices. Some European nations were forced to use the oil to meet their demand as Russia reduced the flow of natural gas to them.
On MCX, the January natural gas futures were trading at ₹293.50 in the initial hour of Thursday morning as against the previous close of ₹294.20, down by 0.24 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), January soyabean futures were trading at ₹6,100 in the initial hour of Thursday morning against the previous close of ₹5951, up by 2.50 per cent.
The January contracts of cottonseed oilcake were trading at ₹2845 on NCDEX on Thursday morning against the previous close of ₹2,802, up by 1.53 per cent.
The January gur futures were trading at ₹1,145.5 on NCDEX on Thursday morning against the previous close of ₹1,162.5, down by 1.46 per cent.
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