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Crude oil futures were trading higher on the Multi Commodity Exchange (MCX) in the initial hour of Friday morning.
January crude oil futures were trading at ₹5,964 in the initial hour of Friday morning trade as against the previous close of ₹5,899, up by 1.10 per cent.
March Brent oil futures were at $82.56, up by 0.70 per cent; and the February crude oil futures on WTI at $80.11, up by 0.82 per cent.
The disruption in the crude oil production in some oil producing countries is seen as one of the reasons for this upward trend.
Though the January 4 meeting of OPEC+ and its allies decided to adjust upward the monthly overall production by 400,000 barrels a day for February, the unrest in Kazakhstan and the supply issues in Libya are coming in the way of reaching the targeted output.
Kazakhstan is facing an unrest following the steep increase in fuel prices in that country. Following this, neighbouring Russia has sent its forces to control the situation in Kazakhstan. The pipeline maintenance and oilfield shutdowns have led to a decrease in the production output in Libya.
January aluminium futures were trading at ₹234.15 on the MCX in the initial hour of Friday morning trade as against the previous close of ₹231.85, up by 0.99 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), January guar gum futures were trading at ₹11,114 in the initial hour of Friday morning trade against the previous close of ₹10,956, up by 1.44 per cent. The January guar seed contracts were trading at ₹6,215 on NCDEX on Friday morning against the previous close of ₹6,160, up by 0.89 per cent.
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