Crude oil futures witnessed a marginal increase on Tuesday morning as global markets are waiting for the outcome of OPEC+ meeting, which is scheduled for January 4.
On the Multi Commodity Exchange (MCX), January crude oil futures were trading at ₹5,686 in the initial hour of trade on Tuesday morning as against the previous close of ₹5,677, up by 0.16 per cent.
March Brent oil futures were trading at $79.27, up by 0.37 per cent and February crude oil futures on WTI were trading at $76.31, up by 0.30 per cent.
The OPEC (Organization of the Petroleum Exporting Countries) and allies, including Russia, commonly known as OPEC+ are expected to meet later in the day (June 4). According to market reports, the group is planning to stick to its original plan to increase the crude oil output by 400,000 barrels a day in February.
Market reports also noted that OPEC+ is unlikely to change the plan considering the current price outlook and with no new Covid restrictions by different countries. However, the US administration is seeking a production increase, the reports noted.
On MCX, January rubber futures were trading at ₹16,705 in the initial hour of trade on Tuesday morning as against the previous close of ₹16,871, down by 0.98 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), January guar seed contracts were trading at ₹6,071 in the initial hour of Tuesday morning trade as against the previous close of ₹6,061, up by 0.16 per cent.
On Tuesday morning, January soyabean futures were trading at ₹6,200 on NCDEX as against the previous close of ₹6,250, down by 0.80 per cent.