Crude oil futures traded lower on international exchanges on Friday morning as the measures by some economies in the past few days to control inflation raised chances of global slowdown. However, the reports of proposed meeting of OPEC (Organization of Petroleum Exporting Countries) and its allies, known as OPEC+, early next month arrested further fall in the prices.
At 10.02 am on Friday, December Brent oil futures were at $86.73, down by 0.52 per cent, and November crude oil futures on WTI were at $80.84, down by 0.48 per cent.
October crude oil futures were trading today at ₹6,621 on Multi Commodity Exchange (MCX) against the previous close of ₹6,700, down by 1.18 per cent; and November futures were trading at ₹6,603 against the previous close of ₹6,675, down by 1.08 per cent.
Recessionary trends
The recent monetary tightening by various economies and a strong dollar have impacted the demand for crude oil in the market. Recessionary trends bring down the demand for the commodity, and a stronger dollar makes the commodity costlier for people holding other currencies.
Considering the fall in the prices of crude oil in the global markets, OPEC+, which will meet on October 5, is likely to take a decision on the further output cuts. There were reports recently that Russia, a member of OPEC+, has been pushing for a 1 million barrels a day cut.
Guar gum, jeera gain
October natural gas futures were trading at ₹560.80 on MCX today against the previous close of ₹567.90, down by 1.25 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October guar gum contracts were trading at ₹9,463 against the previous close of ₹9,422, up by 0.44 per cent.
October jeera futures at ₹24,520 on NCDEX in the initial trading hour on Friday against the previous close of ₹24,420, up by 0.41 per cent.