The possibility of a disruption in supply of fuel due to the rising geo-political tensions is helping the crude oil futures gain on commodity exchanges.

February crude oil futures opened higher at ₹6,259 on the Multi Commodity Exchange (MCX) on Tuesday morning against the previous close of ₹6,240, up by 0.30 per cent.

April Brent oil futures were at $85.92, up by 0.57 per cent; and March crude oil futures on WTI at $83.70, up by 0.47 per cent.

Following the fear of a probable military action by Russia in Ukraine, NATO on Monday decided to reinforce Eastern Europe with more ships and fighter jets. However, Russia termed it as Western hysteria in response to its build up of forces on the Ukraine border.

In another geo-political development, Yemen’s Houthis launched a missile attack on the UAE on Monday targeting a base hosting the US military. However, the attempt was thwarted by UAE.

These developments are helping crude oil prices gain across the global markets.

On MCX, February natural gas futures were trading at ₹284.20 in the initial hour of trading on Tuesday morning as against the previous close of ₹287.90, down by 1.29 per cent.

Dhaniya, guar gum gain

On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹10,008 in the initial hour of trading on Tuesday morning against the previous close of ₹10,124, down by 1.15 per cent.

February guar gum futures were trading at ₹11,600 on NCDEX in the initial hour of trading on Tuesday morning as against the previous close of ₹11,556, up by 0.38 per cent.

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