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Crude oil futures surged further up on Wednesday morning following the US decision to impose ban on the import of Russian crude oil and Britain’s decision to phase out crude import from Russia by the end of this year.
May Brent oil futures were at $130.81/barrel, up by 6.7 per cent and April crude oil futures on WTI at $126.295.8, up by 2.09 per cent. March crude oil futures were trading at ₹9,715 on the Multi Commodity Exchange (MCX) during the initial hours of trading against the previous close of ₹9,438, a gain of 2.93 per cent, and April futures were trading at ₹9,427 against the previous close of ₹9,157, up by 2.95 per cent.
On Tuesday, Joe Biden, US President, announced that the US was banning imports of oil and gas from Russia. Addressing media persons at the White House, he said: “That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin’s war machine.”
Following this, Britain announced that it would phase out the import of oil and oil products from Russia by the end of 2022.
Market reports said oil prices could touch an all-time high, if the European allies decide to join the US and Britain in banning imports. This is because more than half of the oil demand in European markets is met by Russia.
On MCX, March zinc contracts were trading at ₹331.55 in the initial hour of Wednesday’s trade against the previous close of ₹333, down by 0.44 per cent.
Similarly, March aluminium futures were trading at ₹279.20 on MCX in the early trade against the previous close of ₹279.90, down by 0.25 per cent.
Jeera, dhaniya gain
On the National Commodities and Derivatives Exchange (NCDEX), March steel long futures were trading at ₹60,400 in the initial hours against the previous close of ₹59,460, up by 1.58 per cent.
March jeera contracts were trading at ₹20,830 in early trade on the NCDEX, against the previous close of ₹20,515, up by 1.54 per cent and April jeera contracts were at ₹21,020 against the previous close of ₹20,740, up by 1.35 per cent.
April dhaniya futures were at ₹10,964 on NCDEX in the initial hour of Wednesday morning against the previous close of ₹10,818, up by 1.35 per cent; and May dhaniya futures were trading at ₹11,070 against the previous close of ₹10,922, up by 1.36 per cent.
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