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Despite fears over the spread of the Omicron variant of coronavirus across the globe, including India, crude oil futures opened higher on the first trading day of the calendar year 2022. However, Covid fears across the globe limited gains.
On the Multi Commodity Exchange (MCX), January crude oil futures were trading at ₹5,646 during the initial hours this morning, against the previous close of ₹5,625, up by 0.37 per cent.
March Brent oil futures were at $78.34, up by 0.72 per cent, and February crude oil futures on WTI were at $75.80, up 0.78 per cent.
The scheduled meeting of OPEC+ on January 4 will discuss oil production plans for February. Market participants feel that the meeting could stick to the production plan of 400,000 barrels a day for February.
Reports said Libya’s oil production is yet to recover after an oil pipeline was damaged and workers are trying to fix the damaged structure. Reports noted that one of the biggest oilfields was shut down by militia two weeks ago. These factors are likely to have an impact on crude oil prices.
January natural gas futures were trading at ₹278.20 in the initial hour of Monday morning, against the previous close of ₹276.50, up by 0.61 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), January jeera futures were trading at ₹16,565 in the initial hour of Monday morning, against the previous close of ₹16,255, up by 1.91 per cent.
April turmeric (farmer polished) futures were trading at ₹9,904 on NCDEX on Monday morning, against the previous close of ₹9608, up by 3.08 per cent.
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