Crude oil futures gained on Monday morning following the US Energy Department’s decision to replenish strategic oil reserves in that country. At 9.57 am on Monday, February Brent oil futures were at $76.34, up by 0.66 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $71.65, up by 0.59 per cent. The US Energy Department’s Office of Petroleum Reserves has announced a solicitation for up to 3 million barrels of oil for delivery to the strategic petroleum reserve (SPR) in March 2024. Crude oil market is also keenly watching for the release of US inflation data and the outcome of the US Federal Reserve meeting later this week. December dhaniya futures were trading at ₹7,358 on NCDEX in the initial trading hour of Monday morning against the previous close of ₹7,234, up by 1.71 per cent.

Source: The Hindu December 11, 2023 17:46 UTC