The crude oil price has put in five weeks of gains and some profit-taking was seen on Friday, January 21, perhaps because of the weekend trade and also markets pulled back because of the US inventory buildup.

However, Asia is trading positive, the tensions in the Middle East and East Europe have been supportive; strong demand continued and the US rig count has declined for the first time in 13 weeks supporting the crude oil price. So it’s back around USD 86-88 per bbl level.

A strong rebound in natural gas price, expectations of record demand, tight supplies have been supportive.

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The concerns on the front of geopolitical tension have been supportive for metal prices whether it's precious metals or base metal prices, almost everything has opened positive in Asia.

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Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

First Published:Jan 24, 2022 8:27 AM IST