CRUDE OIL EXTENDS LOSSES TO SIXTH DAY AS EUROPE FACES PANDEMIC LOCKDOWNS

Commodity prices opened the day negatively .On MCX Gold and Mentha oil were trading higher while rest others were trading down. Crude oil future opened over 2 per cent down on Friday.

Oil prices fell on Friday, extending losses for a sixth day as a new wave of COVID-19 infections wash across Europe, spurring new lockdowns and dampening hopes for a recovery in demand for fuels anytime soon. U.S. crude fell below $60 again and was trading at $59.97 a barrel. Brent crude was off by 1 cent at $63.27.

At MCX, Crude oil Apr future was trading down by 2.55% at Rs. 4351 per barrel and saw a bearish trend in early trade. This future touched a low of Rs.4322 and high of Rs.4421.

All the base metal commodities traded weak. Copper Mar future was trading lower by 1.67% at Rs. 663.75 per kg. Aluminium, Nickel and Lead were down over half per cent in early trade.