January crude oil futures on MCX were trading at ₹5934 in the early hours of trade on Tuesday.
Crude oil futures rose on Tuesday morning following strong US economic data and rising demand from India.
February crude oil futures on WTI (West Texas Intermediate) were up 0.44 per cent at $72.64, and February crude oil futures on WTI (West Texas Intermediate) were up 0.42 per cent at $69.53.
On the Multi Commodity Exchange (MCX) in the early hours of trade on Tuesday, January crude oil futures were trading at ₹5934 as against the previous close of ₹5,901, up 0.56 per cent, and February futures were trading at ₹5,922 as against the previous close of ₹5,890, up 0.54 per cent.
Robust US manufactured goods data supported crude oil prices on Tuesday morning amid low trading during the pre-Christmas holidays. Reports said new orders for capital goods manufactured in the US rose in November. Sales of new homes also rose.
However, market players believe that recent announcements by US President-elect Donald Trump to impose heavy import duties may impact the economy. The US is a major consumer of crude oil in the global market. Meanwhile, the latest crude oil import data released by the Petroleum Planning and Analysis Cell of the Union Ministry of Petroleum and Natural Gas showed that crude oil imports by India in November rose by 2.57 percent.
India imported 19.07 million tonnes of crude oil in November 2024-25 as against 18.59 million tonnes during the same period of 2023-24. India is one of the major consumers of crude oil in the global market.
Natural gas futures for January on MCX were trading at Rs 290.30, up 2.43 per cent in the early hour of trade on Tuesday, as against the previous close of Rs 283.40. Coriander contracts for January on the National Commodities and Derivatives Exchange (NCDEX) were trading at Rs 8,010 in the early hour of trade on Tuesday,
