Brent crude oil futures declined by around 3 per cent in 2024 following factors such as weak economic growth in China and enough oil supplies to the market.

On Tuesday, March Brent oil futures closed at $74.64, up by 0.88 per cent, and February crude oil futures on WTI (West Texas Intermediate) at $71.72, up by 1.03 per cent.

At 10.01 am on Wednesday, January crude oil futures were trading at ₹6171 on the Multi Commodity Exchange (MCX) against the previous close of ₹6166, up by 0.08 per cent, and February futures were trading at ₹6167 against the previous close of ₹6158, up by 0.15 per cent.

Brent crude oil futures closed on Tuesday at 3.11 per cent below the 2023 closing price of $77.04 a barrel.

During 2024, China’s economic growth worries continued making an impact on the demand for the commodities such as crude oil. Following this, both the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) cut their crude oil demand growth expectations for 2025. China is a major consumer of crude oil in the global market.

US and other non-OPEC crude oil producers produced more crude oil in 2024 providing adequate supplies to meet the global requirements.

Meanwhile, the latest data by the industry body American Petroleum Institute (API) showed a decline in crude oil inventories for the week ending December 27. According to API, crude oil inventories declined by 1.44 million barrels for the week ending December 27. However, this decline was less than the market expectations of 3 million barrels.

January copper futures were trading at ₹789.70 on MCX during the initial hour of trading on Wednesday against the previous close of ₹793.20, down by 0.44 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹15082 in the initial hour of trading on Wednesday against the previous close of ₹14826, up by 1.73 per cent.

January guarseed futures were trading at ₹5357 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹5274, up by 1.57 per cent.