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Crude oil and natural gas futures that opened higher today continued the upward momentum in the afternoon trading .
On the Multi Commodity Exchange (MCX), January crude oil futures were trading at ₹5,636 on Monday afternoon against the previous close of ₹5,625, up by 0.20 per cent.
On Monday, March Brent oil futures were at $78.44, up by 0.85 per cent; and February crude oil futures on WTI at $75.87, up by 0.88 per cent.
However, the fear of the spread of Covid across the globe, especially the omicron variant, has limited the gains.
Price movements were aided by scheduled meeting of the OPEC+ on January 4 and the production drop in Libya.
Market participants expect the scheduled OPEC+ meeting on January 4 could stick to their production plan of 400,000 barrels a day in February.
According to market reports, Libya’s oil output is yet to recover as the work to fix the damage to an oil pipeline is still on. They said one of the biggest oilfields was shut by militia two weeks ago.
January natural gas futures were trading at ₹278.10 on Monday afternoon as against the previous close of ₹276.50, up by 0.58 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), January dhaniya futures were trading at ₹9078 on Monday afternoon against the previous close of ₹8798, up by 3.18 per cent.
April turmeric (farmer polished) contracts were trading at ₹10,080 on NCDEX on Monday afternoon against the previous close of ₹9608, up by 4.91 per cent.
On Monday afternoon, the January soya bean contracts were trading at ₹6200 on NCDEX as against the previous close of ₹6270, down by 1.12 per cent.
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