Comments
Crude oil futures traded marginally higher on Monday morning as Israel threatened to demolish Hamas and Iran warned that war could be expanded if Israel does not stop attack on Gaza.
At 9:52 am on Monday, December Brent oil futures were at $90.91, up by 0.02 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $86.37, up by 0.02 per cent.
Both the futures went up by more than 6 per cent on Friday amid fears of escalation in conflict in the region.
On Sunday, Israeli Prime Minister, Benjamin Netanyahu, threatened to demolish Hamas as his country’s armed forces were getting ready to move into Gaza Strip following the deadly attack by Hamas on Israelis last week. Israel had cautioned the people in Gaza to move to South.
Fears of supply disruptions
On Saturday, a post on the social media platform X by the Permanent Mission of Iran to UN said: “If the Israeli apartheid’s war crimes and genocides are not halted immediately, the situation could spiral out of control and ricochet far-reaching consequences – the responsibility of which lies with the UN, the Security Council and the states steering the council toward a dead end.”
Any indication of escalation in the conflict in the war and its expansion to other parts of Middle East region could lead to a disruption in the crude oil supply to the world market. This may lead to an increase in the price of the commodity.
- Also read: Crude Check: Upside risk looms
Jeera, castorseed gain
The market is also waiting for the news of some economic developments in China during the course of the week. China is one of the major consumers of crude oil in the global market. The third quarter data on China’s gross domestic product is expected to be released this week. Market reports also noted that the People’s Bank of China is likely to take a decision on its interest rates during the week.
On NCDEX, castorseed October futures opened 2.09 per cent higher at ₹6,100 a quintal, while jeera (cumin) November futures increased by 2.78 per cent to ₹57,215 a quintal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.