Crude oil futures witnessed an uptrend on Thursday on the basis of traders’ reaction to the likelihood of US sanctions on Venezuelan crude amid rising political worries in the South American nation.
On Friday, at the Multi Commodity Exchange (MCX), crude for delivery in February reportedly climbed by Rs 45, or 1.19% to, Rs 3,836 per barrel in a business turnover of 2304 lots.
Meantime, US WTI crude prices rose 1.5% to USD 53.90, while Brent crude oils was up 1.13 % at USD 61.78/barrel at the New York Mercantile Exchange and International Brent crude oil futures were at USD 61.89 a barrel at, up 1.3%, above their last close.
Commodity Base Metal: In the base metals, Gold prices went higher on Friday with Spot gold rising 0.2% at USD 1282.50 per ounce, while US gold futures unchanged at USD 1281.40 per ounce.
Commodity calls on Base Metals:
SELL GOLD FEB BELOW 32050 TARGET 31950
BUY ZINC JAN ABOVE 188.80 TARGET 189.80
BUY NATURAL GAS JAN ABOVE 228 TARGET 231