Crude oil and natural gas futures continued their upward trend on the Multi Commodity Exchange (MCX), on Tuesday morning also as global prices continued to rule firm.
February crude oil futures were trading at ₹6,598 on MCX in the initial hour of Tuesday morning against the previous close of ₹6,561, up by 0.56 per cent.
April Brent oil futures were at $89.51, up by 0.28 per cent and March crude oil futures on WTI were at $88.39, up by 0.27 per cent.
Reports said a tight oil supply was expected in the global market, following a limited production increase by the major oil producers. The Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet on February 2. Reports noted that the meet is expected to maintain the decision of gradual increase in the production of crude oil.
The January 4 meeting of the OPEC+ had decided to increase the supply to 400,000 barrels a day for February. However, some members of OPEC+ are facing problems to increase the production in their countries due to various reasons.
Added to this, the demand for crude oil in the post-Covid era is also fuelling its prices.
On MCX, February natural gas futures were trading at ₹367.70 in the initial hour of Tuesday morning, against the previous close of ₹364.30, up by 0.93 per cent.
February nickel contracts were trading at ₹1,685 in the initial hour of Tuesday morning against the previous close of ₹1,689, down by 0.28 per cent.
Turmeric drops
On the National Commodities and Derivatives Exchange (NCDEX), April kapas futures were trading at ₹2,033.50 in the initial hour of trading on Tuesday morning against the previous close of ₹2,021.50, up by 0.59 per cent. Almost all contacts on the Intercontinental Exchange gained on Monday.
April turmeric (farmer polished) contracts were trading at ₹9,900 in the initial hour of Tuesday morning against the previous close of ₹10,028, down by 1.28 per cent.