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Crude oil futures traded lower on on the Multi Commodity Exchange (MCX) on Wednesday morning.
March crude oil futures were trading at ₹6,896 on MCX in the initial hour of Wednesday morning against the previous close of ₹6,917, down by 0.30 per cent; and April futures were trading at ₹6,811 against the previous close of ₹6,824, down by 0.19 per cent.
However, May Brent oil futures were at $94.10, up by 0.27 per cent; and April crude oil futures on WTI at $92.22, up by 0.34 per cent.
Market reports said that the US and European sanctions on Russia for sending its forces to eastern Ukraine would not have impact on the supply of crude oil. Quoting a senior official from the US State Department, agency reports said the sanctions that are being imposed as well that could be imposed in the near future are not targeting and will not target oil and gas flows. This brought down apprehensions about a crude oil supply disruption in the already tight global markets. Russia is a major producer of crude oil.
Tuesday’s sanctions on Russia by several countries, including US and Britain, focussed on some Russian banks.
Market is also expecting the supply of crude oil from Iran as nations are hopeful of the revival of nuclear agreement. If that deal materialises, Iran can add over one million barrels a day of Iranian crude to the market.
March mentha oil futures were trading at ₹973.80 on MCX in the initial hour of Wednesday morning against the previous close of ₹967.40, up by 0.66 per cent.
March cotton contracts were trading at ₹37,290 on MCX in the initial hour of Wednesday morning against the previous close of ₹37,020, up by 0.73 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), March contracts of refined soyabean oil were trading at ₹1350 in the initial hour of Wednesday morning against the previous close of ₹1,324, up by 1.96 per cent.
March steel long futures were trading at ₹49,000 on NCDEX in the initial hour of Wednesday morning against the previous close of ₹49,500, down by 1.01 per cent.
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