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Crude oil futures witnessed a mixed trend with the Brent futures trading lower and US WTI futures trading higher on Tuesday morning. This follows the announcement of the OPEC (Organization of the Petroleum Exporting Countries) and its allies, known as OPEC+, to cut production for October.
At 10.01 am on Tuesday, November Brent oil futures were at $95.03, down by 0.74 per cent; and October crude oil futures on WTI were at $88.67, up by 2.07 per cent.
September crude oil futures were trading at ₹7,096 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹7,119, down by 0.32 per cent; and October futures were trading at ₹7,091 as against the previous close of ₹7,113, down by 0.31 per cent.
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NSE Nifty 50 was up 0.41% at 17,737, while BSE Sensex gained 0.39% to 59,475OPEC+, which met on Monday, decided to cut the output by one lakh barrels a day from October, amounting to roughly 0.1 per cent of the global demand. A few days ago, Saudi Arabia and some other major oil producers had expressed their intention to cut production of crude oil in a move to control the decline in the prices.
Following the OPEC+ decision, both Brent and WTI futures had gained around three per cent in Monday’s session.
Market sources analyse the decision of OPEC+ as a symbolic move because some of the members of the group failed in meeting their production targets in the past few months. They felt that this move showed the seriousness of the OPEC+ to support price of the commodity in the global market.
September zinc futures were trading at ₹289.70 on MCX in the initial trading hour of Tuesday morning against the previous close of ₹287.80, up by 0.66 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹2487 in the initial trading hour of Tuesday morning against the previous close of ₹2,586, down by 3.83 per cent.
September jeera futures were trading at ₹25,005 on NCDEX in the initial trading hour of Tuesday morning against the previous close of ₹25,125, down by 0.48 per cent.
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