Commodities

Omicron fears hammer crude oil; guar gum slips in tandem

BL Chennai Bureau | | Updated on: Dec 20, 2021

Crude oil futures declined 2%

Crude oil futures on the Multi Commodity Exchange (MCX) declined by 2 per cent during the initial hours of trading on Monday morning following a similar decline in the global market.

The global crude oil market headed south on worries over future demand for the fossil fuel following the spread of omicron variant of coronavirus in different countries and subsequent restrictions and lockdown in many parts of the world. A nationwide lockdown was imposed in The Netherlands on Sunday. Many European nations are also looking at increasing restrictions during the Christmas and New Year celebrations to avoid the spread of the virus.

In the global market, February Brent oil futures were trading at $71.56, down by 2.67 per cent; and the January crude oil futures on WTI were trading at $68.61, down by 3.18 per cent.

On MCX, January crude oil futures were trading at ₹5,259 against the previous close of ₹5,398, a 2.58 per cent drop on Monday morning.

In tune with crude oil, the guar gum futures also declined on the National Commodities and Derivatives Exchange (NCDEX).

The January guar gum futures were trading at ₹10752 on NCDEX in the initial hour of Monday morning as against the previous close of ₹11073, down by 2.90 per cent. The February guar gum futures were trading at ₹10920 on NCDEX as against the previous close of ₹11205, down by 2.54 per cent.

On MCX, the December menthaoil futures were trading at ₹987 in the initial hour of Monday morning as against the previous close of ₹982.70, up by 0.44 per cent.

Published on December 20, 2021
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