Crude oil futures traded higher on Tuesday morning ahead of the OPEC+ meeting on December 5.
At 9.54 am on Tuesday, February Brent oil futures were at $71.94, up by 0.15 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $68.18, up by 0.12 per cent.
December crude oil futures were trading at ₹5791 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5779, up by 0.21 per cent, and January futures were trading at ₹5791 against the previous close of ₹5778, up by 0.22 per cent.
The OPEC+ (Organization of the Petroleum Exporting Countries, and allies) group, which will meet on December 5, will discuss market policy for 2025. Market reports said that the meeting is likely to delay the increase in production output due to sustained weakness in oil prices and concerns over declining demand for the commodity.
Though the manufacturing data from China released this week has increased hopes for a revival in the demand for the commodity, market analysts believe that China needs to announce more stimulus measures to boost the economic activity in that country.
The recent statement of the US President-elect Donald Trump to impose steep tariffs on BRICS group of nations has also impacted the price of the commodity. Strengthening of dollar following his statement made the commodity costlier.
Meanwhile, tensions prevailed in West Asia following the reports of ceasefire violations between Israel and Hezbollah. The peace deal between Israel and Hezbollah was brokered by the US and France. Market reports indicated that any escalation in tensions could disrupt crude oil supplies from West Asia.
December zinc futures were trading at ₹284.50 on MCX during the initial hour of trading on Tuesday against the previous close of ₹285.65, down by 0.40 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December castorseed contracts were trading at ₹6540 in the initial hour of trading on Tuesday against the previous close of ₹6520, up by 0.31 per cent.
December guargum futures were trading at ₹9983 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹10010, down by 0.27 per cent.