Petroleum up as market waits for OPEC conference result

Petroleum futures traded partially greater on Thursday early morning. The marketplace is waiting on the result of the conference of OPEC (Organisation of the Petroleum Exporting Countries) and its allies, called OPEC+, later on in the day.

At 9.52 am on Thursday, February Brent oil futures were at $82.90, up by 0.02 percent, and January petroleum futures on WTI (West Texas Intermediate) were at $77.91, up by 0.06 percent.

December petroleum futures were trading at 6,495 on Multi Product Exchange (MCX) throughout preliminary trading versus the previous close of 6,488, up by 0.11 percent, and January futures were trading at 6,530 as versus the previous close of 6,524, up by 0.09 percent.

Bearish Chinese information.

The ministerial conference of OPEC+ has actually been rescheduled from November 26 to 30 following reported differences on production output cut by member nations. The marketplace now anticipates the OPEC+ to reveal a 1 million barrels a day production output cut. Significant manufacturers such as Saudi Arabia and Russia led the production output cut in 2023.

China’s PMI (buying supervisors index) figures revealed additional contraction in November.

China’s production PMI contracted to 49.4 in November versus 49.5 in October. The marketplace was anticipating this to be in the variety 49.6 for November. Contributed to this, China’s composite PMI decreased to 50.4 in November versus 50.7 in October.

These readings revealed that Chinese economy is still having a hard time to recuperate. This likewise developed apprehensions over the need for petroleum in China. Previously there were likewise reports of China developing a big stockpile of petroleum in 2023. This might affect the need for the product in the coming days.

Turmeric gleams, guar gum slips.

December gas futures were trading at 234.60 on MCX versus the previous close of 236.30, down by 0.72 percent.

On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) agreements were trading at 15,480 versus the previous close of 15,314, up by 1.08 percent.

December guar gum futures were trading at 11,352 on NCDEX versus the previous close of 11455, down by 0.90 percent.



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