Reports of Ministry of Commerce asking FMC to ban Guar seed futures trading led to sharp fall in prices. Meanwhile, FMC has clarified there is no ban on futures trading in this. However, FMC may closly monitor the price movement. Currently, Indian prices quoting higher, which is affecting exporters. Prices may remain lower in the short term

NEW YORK (AP _ Oil futures closed just shy of 61 dollars a barrel today as prices rose on forecasts of colder weather and uncertainty ahead of an OPEC meeting. Light, sweet crude for January delivery rose 67 cents on the New York Mercantile Exchange -- to 60 dollars, 99 cents.

NEW YORK (AP) _ Another off day for the dollar, which hit a fresh 20-month low against the euro Tuesday, as disappointing economic data further dimmed the prospect of higher interest rates. The price of gold fell, closing at 637 dollars, 20 cents an ounce.

Oil rose again on Tuesday on expectations that a cold spell in the US northeast this weekend would boost demand in the world's biggest heating oil market.
US crude climbed 13 cents at $US60.45 a barrel by 1740 GMT after trading as high as $US61.20 in earlier activity, adding to gains of $US1.08 on Monday. London Brent crude rose 24 cents to $60.68.
Despite the rally, oil remained stuck in a two-month trading rut of $US58-$US62 a barrel and showed few signs of resuming a climb back toward a record high of $US78.40 a barrel in mid-July.
The National Weather Service said on Monday US heating demand this week would be about 24% below normal. NYMEX heating oil futures rose 0.6% on Tuesday.
Dollar weaker
The market also found support from a weaker dollar, which traded near a 20-month low against the euro.
The market is also looking ahead to an OPEC meeting on December 14 that could result in a further output cut. OPEC agreed at an emergency meeting in October to cut production by 1.2 million barrels per day.

SINGAPORE — Oil prices rose above US$61 a barrel in Asian trading Wednesday as the market considered forecasts for colder weather in the United States and next month's OPEC meeting.
In less than two weeks, the front-month crude-oil futures contract has climbed by more than US$5 a barrel, but prices are still trading within a range that has been roughly in place since the start of October.
Light sweet crude for January delivery was up 14 cents to US$61.13 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.
Barely two weeks ago, on Nov. 17, the December contract settled and expired at US$55.81 a barrel.
Prices have been rising this week after London-based newspaper Al-Hayat reported Monday that Saudi Oil Minister Ali al-Naimi had indicated that OPEC would evaluate the effect of October's decision to cut output when it meets next month in Abuja, Nigeria, and if necessary authorize another cut.
The Organization of Petroleum Exporting Countries announced in mid-October that it would reduce output by 1.2 million barrels a day, but skepticism that the cartel members are committed to production cuts, as well as milder-than-normal U.S. temperatures this fall, have moderated prices.
Oil prices have fallen by about 23 percent since hitting an all-time trading high above $78 a barrel in mid-July. They haven't settled above $62 a barrel since Oct. 1.
Traders were also focused on reports that called for wintry U.S. weather in the West to gradually move to the East by the end of the week.
In other Nymex trading, heating oil futures gained 0.12 cent to US$1.7295 per gallon

Oil prices gained in Asian trade today, boosted by falling temperatures in the United States and continued weakness in the US dollar, dealers said.Comments by OPEC members that the cartel will push for another round of production cuts at its meeting next month also supported the market, they said.At 0845 IST New York's main contract, light sweet crude for January delivery, was up 13 cents at $61.12 a barrel from $60.99 in the United States yesterday, its highest level in three weeks

New York - Stocks advanced modestly Tuesday after Wall Street shrugged off a sharp drop in orders for manufactured goods and took comfort in the first gain in existing home sales in eight months.
The rise in stocks came after investors showed little reaction to comments from Federal Reserve Chairman Ben Bernanke that he remains concerned that inflation or a steeper-than-expected decline in the housing market could harm an already slowing economy.
In the speech, which included Bernanke's most extensive comments on the economy since this summer, he said inflation remains higher than he would like but that it should fall as the economy cools.
The Commerce Department's report that orders for durable goods fell 8.3 percent in October - the largest drop in more than six years - stoked concerns that the economy is slowing at too fast a pace. But a report from the National Association of Realtors showing a slight uptick in home sales lent support to the market although it also revealed that the median selling price fell by the steepest level on record last month.
The market's muted response followed its worst session in more than four months on Monday. John Zielinski, a portfolio manager at Neuberger Berman, contends the market's drop was overblown and that investors could be seeing lower-than-usual liquidity. For many brokerages, Thursday marks the end of their fiscal year and they are therefore trying to lock in gains.
"The moves seem to be a little bit exaggerated based on the data points we're seeing," he said.
The Dow Jones industrial average was up 14.74, or 0.12 percent, at 12,136.45, after falling 158 Monday.
Broader stock indicators also rose. The Standard & Poor's 500 index was up 4.82, or 0.35 percent, at 1,386.72, and the Nasdaq composite index rose 6.69, or 0.28 percent, to 2,412.61.
Light, sweet crude oil rose 67 cents to settle at $60.99 a barrel.
Doug Sandler, chief equity strategist at Wachovia Securities, likens investors' behavior in the final month or so of the year to a nervous driver trying to steer a car while sitting too close to the windshield. Every move, he says, is exaggerated.
"You've got so many portfolio managers that are cognizant of where they stand for the year that if market moves they jump on it regardless of the direction," he said.