Commodity Market Updates: Crude oil prices rose on commodity exchanges on Wednesday morning, ahead of an OPEC (Organization of Petroleum Exporting Countries) and its allies meeting later in the day. Steel prices rose as a result of the NMDC's decision to raise iron ore levies, which reflected a comeback in demand for the ferrous metal.

On the Multi Commodity Exchange (MCX), February crude oil futures were trading at USD 6,610 in the early hours of Wednesday morning, up 0.62 percent from the previous close of USD 6,569 the day before. April Brent oil futures were up 0.30 percent at USD 89.43, and March WTI crude oil futures were up 0.27 percent at USD 88.44.

According to reports, OPEC and its allies, including Russia, are expected to continue the mild output increases at their meeting later today. Despite the fact that the OPEC+ conference on January 4 decided to boost supply to 4,00,000 barrels per day for February, several member countries are still having difficulty increasing production. In the post-pandemic world, OPEC+ anticipates a rise in crude oil demand in the following days.

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