Crude oil traded lower Tuesday morning due to the fears of a slowdown in the global economy. At 10 am, the March Brent oil futures were down by 0.40 per cent at $85.57 and February crude oil futures on WTI were down 0.37 per cent at $79.96. January crude oil futures were trading at ₹6,627 on Multi Commodity Exchange (MCX) in the early trade against the previous close of ₹6,608, up by 0.29 per cent, and February futures were trading at ₹6,667 against the previous close of ₹6648, up by 0.29 per cent.
Simultaneous slow down
Participating in the ‘Face the Nation’ programme of CBS News, the Managing Director of International Monetary Fund (IMF), Kristalina Georgieva, said: “The new year is going to be tougher than the year we leave behind”.On the reason for this, she said the big economies such as the US, Europe and China are all slowing down simultaneously.
The reopening of China amidst the surge in the number of Covid cases has raised concerns over the global surge in the pandemic. Market reports indicated that any further surge in Covid cases across the globe may lead to tougher Covid-related restrictions. This may pose a major threat to the markets.
Natural gas loses steam, jeera crackles further
January natural gas futures were trading at ₹346.80 on MCX in the initial trading houragainst the previous close of ₹374.40, down by 7.37 per cent.On the National Commodities and Derivatives Exchange (NCDEX), January jeera contracts were trading at ₹33,580 against the previous close of ₹33,090, up by 1.48 per cent. January steel long futures were trading at ₹48,980 on the NCDEX against the previous close of ₹49,310, down by 0.67 per cent.SHARE
Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on January 3, 2023
