After gaining nearly 2 per cent on Monday, crude oil futures traded lower on Tuesday morning following uncertainty over demand prospects.
At 9.51 am on Tuesday, March Brent oil futures were at $79.98, down by 0.10 per cent, and March crude oil futures on West Texas Intermediate (WTI) were at $74.73, down by 0.04 per cent.
Also read: Crude oil gains significantly after US-led forces attack Houthis
February crude oil futures were trading at ₹6,222 on Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹6,265, down by 0.69 per cent, and March futures were trading at ₹6,245 as against the previous close of ₹6,272, down by 0.43 per cent.
Worries over China
Crude oil futures settled nearly 2 per cent higher in Monday’s session, following reports of drone attacks by Ukraine on an oil export terminal in Russia and worries over supply disruption. However, market reports said the Russian oil export terminal is likely to resume operations within a week.
Also read: Crude oil up as many oil tankers decide to avoid southern Red Sea route
Meanwhile, concerns over Chinese demand impacted crude oil prices.. Recent data showed a weaker-than-expected growth in gross domestic product in that country despite government measures to improve the economy. China is a major importer of crude oil in the global market.
Additionally, reports of growing crude oil output also impacted the market. Libya, which had shut down the Sharara oilfield in the first week of January following protests, has restarted production. This oilfield produces around 300,000 barrels a day of crude oil.
Turmeric tops ₹15,000
January zinc futures were trading at ₹220.25 on MCX against the previous close of ₹219.35, up by 0.41 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹15,080 against the previous close of ₹14,716, up by 2.47 per cent.
February cottonseed oilcake futures were trading at ₹2,634 on NCDEX against the previous close of ₹2,666, down by 1.20 per cent.