Omicron worries about hammering crude oil; guar gum slides in tandem
Crude oil futures on the Multi Commodity Exchange (MCX) fell 2% in the early hours of trading Monday morning following a similar drop in the global market.
The global crude oil market has headed south amid concerns over future demand for fossil fuel following the spread of the omicron variant of the coronavirus in different countries and subsequent restrictions and lockdowns in many parts of the world. world. Nationwide containment was imposed in the Netherlands on Sunday. Many European countries are also considering increasing restrictions during Christmas and New Year celebrations to prevent the spread of the virus.
In the global market, February Brent oil futures were trading at $ 71.56, down 2.67 percent; and January crude oil futures on WTI were trading at $ 68.61, down 3.18%.
On MCX, January crude oil futures were trading at 5,259 yen from the previous close of 5,398 yen, down 2.58% on Monday morning.
In tune with crude oil, guar gum futures also fell on the National Commodities and Derivatives Exchange (NCDEX).
January guar gum futures were trading at 10752 on NCDEX in the first hour of Monday morning from the previous close of 11073, down 2.90 percent. February guar gum futures were trading at 10,920 on NCDEX from the previous close of 11,205, down 2.54%.
On MCX, December menthaoil futures were trading at 987 in the first hour of Monday morning from the previous close of 982.70, up 0.44%.