The global crude oil market experienced a positive trend on Tuesday morning, with futures trading higher thanks to a combination of strong US economic data and increased demand from India. The March Brent oil futures were up by 0.44% at $72.64, while the February crude oil futures on WTI stood at $69.53, up by 0.42%. In India, January crude oil futures on the Multi Commodity Exchange (MCX) saw gains as well, with prices reaching ₹5934 and ₹5,922 for January and February futures, respectively.
One of the key factors supporting the rise in crude oil prices was the strong US data on manufactured goods, indicating a robust economic performance. The US reported an increase in new orders for capital goods in November, along with a rise in new home sales. However, concerns were raised about the potential impact of the incoming US President-elect Donald Trump’s plans to impose tariffs on imports, which could affect the country’s economy as a major consumer of crude oil.
Meanwhile, India showed a 2.57% increase in crude oil imports in November, with 19.07 million tonnes imported compared to 18.59 million tonnes in the same period last year. This surge in demand from India, a leading consumer of crude oil globally, further contributed to the positive momentum in the market.
In addition to crude oil, other commodities also saw positive movement in the market on Tuesday. Natural gas futures on MCX rose by 2.43%, while dhaniya and jeera futures on the National Commodities and Derivatives Exchange (NCDEX) registered gains of 1.44% and 0.52%, respectively.
Overall, the current market dynamics point towards a favorable outlook for crude oil and other commodities, driven by strong economic indicators and increased demand from key markets like the US and India. Investors and traders will closely monitor further developments to gauge the sustainability of this upward trend in the coming days.
