Crude oil futures traded higher on Tuesday morning following strong US economic data and increased demand from India.
At 9.55 am on Tuesday, March Brent oil futures were at $72.64, up by 0.44 per cent, and February crude oil futures on WTI (West Texas Intermediate) were at $69.53, up by 0.42 per cent.
January crude oil futures were trading at ₹5934 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,901, up by 0.56 per cent, and February futures were trading at ₹5,922 against the previous close of ₹5,890, up by 0.54 per cent.
Strong US data on manufactured goods supported crude oil prices on Tuesday morning amid thin pre-Christmas holiday trading. Reports said that new orders for capital goods manufactured in the US increased in November. New home sales have also picked up.
However, the market players opine that the recent announcements by the US President-elect, Donald Trump, to impose massive tariffs on imports could make an impact on economy. US is a major consumer of crude oil in the global market.
Meanwhile, the latest crude oil import data released by the Petroleum Planning and Analysis Cell of the Union Ministry of Petroleum and Natural Gas showed 2.57 per cent increase in crude oil imports by India in November.
India imported 19.07 million tonnes of crude oil in November 2024-25 against 18.59 million tonnes during the corresponding period of 2023-24. India is one of the major consumers of crude oil in the global market.
January natural gas futures were trading at ₹290.30 on MCX during the initial hour of trading on Tuesday against the previous close of ₹283.40, up by 2.43 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), January dhaniya contracts were trading at ₹8,010 in the initial hour of trading on Tuesday against the previous close of ₹7,896, up by 1.44 per cent.
January jeera futures were trading at ₹24,060 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹23,935, up by 0.52 per cent.
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Published on December 24, 2024
https://www.thehindubusinessline.com/markets/commodities/crude-oil-futures-rise-amid-strong-us-data-increased-imports-from-india/article69021569.ece
