December crude oil futures was up by 1.71 per cent at ₹5,288 on the Multi Commodity Exchange (MCX) during the initial hours of trading on Tuesday against the previous close of ₹5,199.
February Brent oil futures traded at $73.62, up by 0.74 per cent; and the January crude oil futures on WTI were trading at $70.16, up by 0.96 per cent.
With a few international health experts saying that the Omicron variant of coronavirus may not have much impact, the concerns about the decline in the fuel demand eased, which led to increase in the international prices of crude oil.
Taking the not-so-severe impact of omicron variant on economy, the major oil exporter Saudi Arabia has also increased the prices of crude oil.
December copper futures were trading lower by 0.44 per cent at ₹730.90 on MCX in the initial hour of trading on Tuesday as against the previous close of ₹734.10.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), the December futures of soyabean were down by 1.10 per cent in the initial hour of trading on Tuesday. The December soyabean futures were trading at ₹6,548 on NCDEX against the previous close of ₹6,621. Market participants feel that farmers are holding back their crop with a hope that they will get better prices.
On NCDEX, the December guar gum futures were trading higher by 1.53 per cent at ₹9,925 on Tuesday morning as against the previous close of ₹9,775.