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Crude oil futures gained on commodity exchanges following a couple of geo-political situations and the possible impact on fuel supply to the world.
February crude oil futures were trading at ₹6,392 on the Multi Commodity Exchange (MCX) during the initial hours of trading on Monday morning against the previous close of ₹6,319, up by 1.16 per cent.
March Brent oil futures were at $87.81, up by 0.84 per cent; and March crude oil futures on WTI at $85.82, up by 0.80 per cent.
On Sunday, the US ordered the eligible family members of staff from its embassy in Ukraine. There is a fear that Russia may initiate military action in Ukraine. Any such actions would attract sanctions from Europe and other countries. These developments have led to the fears of fuel supply disruptions in Eastern Europe.
On Saturday, the UAE imposed a month’s ban on private drones and light sports aircraft used for recreation following a drone attack by Houthis last week. This development has also added to the fears of disruptions in fuel supplies.
On MCX, February, natural gas futures were trading at ₹280 in the initial hour of trading on Monday morning as against the previous close of ₹283.20, down by 1.13 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹18795 in the initial hour of trading on Monday morning against the previous close of ₹18305, up by 2.68 per cent. According to market reports, there is a decline in the area under jeera crop, and an improvement in the demand for the crop in the country.
February soyabean futures were trading at ₹6,300 on NCDEX in the initial hour of trading on Monday morning as against the previous close of ₹6355, down by 0.87 per cent.
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