Brent crude futures rules firm above $112 a barrel

BL Mangaluru Bureau | | Updated on: Mar 04, 2022

Russia attacks Ukraine’s nuclear plant, but Kyiv says its safety has been secured

Brent crude oil futures remained over $112 a barrel and WTI crude oil futures hovered near $109 a barrel on Friday morning, after Russian troops began shelling at Ukraine’s nuclear plant, which is Europe’s largest., in a sign of the Russian-Ukraine situation aggravating further. The price maintained at this level in spite of speculation over a possible nuclear deal with Iran.

May Brent oil futures were at $112.22, down by 0.62 per cent, and April crude oil futures on WTI at $109.98, up by 2.15 per cent.

March crude oil futures were trading at ₹8,369 on the Multi Commodity Exchange (MCX) in the initial hour of Friday morning, against the previous close of ₹8,340, up by 0.35 per cent; and April futures were trading at ₹8,160 against the previous close of ₹8,105, up by 0.68 per cent.

Ukrainian authorities said the safety of Ukraine’s Zaporizhzhia nuclear power plant has been secured now, after a fire broke out when the station came under fire from invading Russian forces.

Reports of smoke from the nuclear plant led to the increase in prices as Russia is one of the major producers of crude oil in the world.

Talk of nuclear deal with Iran

There was speculation in the market over the revival of the nuclear deal between Iran and other countries. A possible nuclear deal between Iran and the other countries will help the world powers take a decision on lifting sanctions on Iran. This can help bring down crude oil prices, as Iran can add more than 1 million barrels to the already tight global market.

March natural gas futures were trading at ₹365.30 on the MCX in the initial hour of Friday morning, against the previous close of ₹360.10, up by 1.44 per cent.

On MCX, March aluminium contracts were trading at ₹308.30 in the initial hour of Friday morning, against the previous close of ₹303.14, up by 1.70 per cent.

March cotton futures were trading at ₹36940 on the MCX in the initial hour of Friday morning, against the previous close of ₹37040, down by 0.27 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), March steel long contracts were trading at ₹56,800 in the initial hour of Friday morning, against the previous close of ₹56,100, up by 1.25 per cent, and April futures were trading at ₹58,510 against the previous close of ₹55200, up by 6 per cent.

Jeera cools

March jeera futures were trading at ₹20,905 on NCDEX in the initial hour of Friday morning, against the previous close of ₹21,080, down by 0.83 per cent.

Published on March 04, 2022
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