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Crude oil prices traded higher on Friday morning following the prospects of the entire European Union banning the Russian crude import. Though the global crude oil market is facing a tight supply, the decision of China to conduct mass Covid testing in some regions also created worries about the demand prospects.
At the time of filing this report, June Brent oil futures were at $108, up by 2.54 per cent, and June crude oil futures on WTI were at $105.83, up by 0.45 per cent.
May crude oil futures were trading at ₹8,120 on Multi Commodity Exchange (MCX) in the initial trade against the previous close of ₹8,037, up by 1.03 per cent; and June futures were trading at ₹8,005 against the previous close of ₹7,937, up by 0.86 per cent.
Germany-Poland deal
According to market reports, Germany has entered into a deal with Poland to secure oil imports from non-Russian exporters via the Baltic Sea port of Gdansk. Some European countries, including Germany, had not imposed a ban on imporing Russian crude oil till now. The reported move by it to import from non-Russian exporters will lead to a complete ban on Russian oil imports by European Union. It may be mentioned here that the US, UK and some other European countries have banned the import of Russian crude oil following the war between Russia and Ukraine.
However, the outbreak of Covid in China and subsequent lockdowns and mass testing in some regions of China have added to the volatility in the global oil market as it is a major crude oil consumer in the world. Reports noted that the demand for the commodity has been hit due to this development in China.
May aluminium futures were trading at ₹252.40 on MCX in early deals against the previous close of ₹253.50, down by 0.43 per cent.
May copper contracts were trading at ₹786 on MCX in the initial hour of Friday morning against the previous close of ₹787.20, down by 0.15 per cent.
Castorseed gains
On the National Commodities and Derivatives Exchange (NCDEX), May steel long futures were trading at ₹57,200 in the initial hour of Friday morning against the previous close of ₹56,530, up by 1.19 per cent.
May castorseed contracts traded at ₹7,328 on NCDEX in the initial hour against the previous close of ₹7,248, up by 1.10 per cent.
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