Crude oil futures traded higher on Tuesday morning as the supply outlook remains tight amid concerns about a slowdown in several economies around the world.
At 10am on Tuesday, January Brent crude futures were up 0.81% at $93.56, while December WTI crude futures were up 0.68% at $87.12.
Crude oil futures for November traded at INR 7,219 on the Multi-Commodity Exchange (MCX) in the first trading hours of Tuesday morning, up 1.66% from the previous close of INR 7,101, up 1.66% from December’s closing price of INR 7,101. The futures were trading at INR 7,163. It rose 1.75% from the previous closing price of INR 7,040.
sure increase
As OPEC (Organization of the Petroleum Exporting Countries) and its ally OPEC+ announced in early October, the 2 million barrels per day cut will begin this month. This happens when the market faces tight supply conditions.
Meanwhile, OPEC, which released its World Oil Outlook for 2022, said medium-term oil demand is projected to rise to about 107 million barrels per day by 2027, compared with 2021. It represents a significant increase of 10 million barrels. Over the period to 2024, more than 5 million barrels per day will be realized.
Markets are also concerned about a slowdown in some economies as central banks in some countries seek to raise interest rates to curb inflation. Markets worry that these rate hikes will affect oil demand.
cotton, daniyagain
Cotton futures for November were trading at Rs 29,000 on the MCX during the first trading hours on Tuesday morning, up 1.40% to a previous close of Rs 28,600.
On the National Commodities and Derivatives Exchange (NCDEX), the Kapas contract for April was trading at INR 1,541 at the first trading hour on Tuesday morning. This was up 0.59% from the previous closing price of INR 1,532.
Nov dhaniya futures were trading at INR 11,048 on NCDEX during the first trading hours on Tuesday morning. This was up 0.42% from the previous close of INR 11,002.
