traded lower on Tuesday morning as markets awaited major monthly industry reports on the oil market.
At 9.56 am on Tuesday, January Brent oil futures were at $63.96, down by 0.16 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $60.02, down by 0.18 per cent. November crude oil futures were trading at ₹5,332 on during the initial hour of trading on Tuesday against the previous close of ₹5,328, up by 0.08 per cent, and December futures were trading at ₹5,344 against the previous close of ₹5,341, up by 0.06 per cent.
Two major reports related to oil markets are expected to be released later this week. Monthly Oil Market Report by the OPEC+ (Organization of Petroleum Exporting Countries and allies) is expected on November 12. The IEA (International Energy Agency) is expected to release Oil Market Report on November 13. Oil markets keenly observe these reports as they provide forecasts on the demand and supply situations of the world market.
Markets are paying close attention to these reports as there are oversupply concerns in the world market, despite recent sanctions on Russian oil infrastructure.
Meanwhile, has stressed the need for a stable Syria to ensure peace in West Asia region. In a post on the social media platform Truth Social, he said: “It was an Honor to spend time with Ahmed Hussein al-Sharaa, the new President of Syria, where we discussed all the intricacies of PEACE in the Middle East, of which he is a major advocate. I look forward to meeting and speaking again. Everyone is talking about the Great Miracle that is taking place in the Middle East. Having a stable and successful Syria is very important to all countries in the Region.”
November futures were trading at ₹387.30 on MCX during the initial hour of trading on Tuesday against the previous close of ₹382.10, up by 1.36 per cent.
On the National Commodities and Derivatives Exchange (), December turmeric (farmer polished) contracts were trading at ₹15,480 in the initial hour of trading on Tuesday against the previous close of ₹15,440, up by 0.26 per cent.
November dhaniya futures were trading at ₹8,266 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹8,254, up by 0.15 per cent.