In the first hour of trading on Tuesday morning, November crude oil futures were trading at ₹6891 on MCX, up from the previous close of ₹6880.
Tuesday morning saw a rise in the price of crude oil futures as market participants kept an eye on the geopolitical unrest in the Middle East. On Monday, the price of crude oil futures dropped by more than three percent.
Tuesday at 9:55 a.m., December crude oil futures on WTI (West Texas Intermediate) were at $82.62, up 0.38 percent, and January Brent oil futures were at $86.60, up 0.29 percent.
In the early hours of Tuesday morning, November crude oil futures were trading at ₹6891 on the Multi Commodity Exchange (MCX), up 0.16 percent from the previous close of ₹6880; in the same period, December futures were trading at ₹6863, up 0.35 percent from the previous close of ₹6839.
In the meantime, China’s PMI (purchasing managers index) indicated a fall in both manufacturing and non-manufacturing sectors. China is a significant global consumer of crude oil, so any slowdown in its economy would affect the country’s need for the resource.
The China National Bureau of Statistics reports that the country’s manufacturing PMI dropped from 50.2 in September to 49.5 in October.
The market, however, had anticipated that this figure would be 50.2. This suggested that China’s economic recovery is still far from complete.
According to data from China’s National Bureau of Statistics, the non-manufacturing PMI fell from 51.70 in September to 50.6 in October. In the previous ten months, this growth was the lowest.
The market is also anticipating the US Federal Reserve’s meeting’s conclusion with great anticipation on Wednesday. There are concerns that the rates may stay higher for a longer period of time even though the market is expecting the Fed to keep them unchanged.
Since the US is a big user of crude oil, this could have an effect on the market for the commodity.
In the first hour of trading on Tuesday morning, November natural gas futures were trading at ₹277.10 on MCX, down 0.93 percent from the previous close of ₹279.70.
December jeera contracts on the National Commodities and Derivatives Exchange (NCDEX) were down 0.68 percent at ₹46425 in the first hour of trading on Tuesday morning compared to the previous close of ₹46745.
During the first hour of trading on Tuesday morning, November guar gum futures were trading at ₹11512 on NCDEX, down 0.54% from the previous close of ₹11575.
