Crude oil futures traded higher on Monday morning as US signalled further strikes on the targets of Iran-backed Houthis in the Middle East region.

At 9.53 am on Monday, April Brent oil futures were at $77.56, up by 0.30 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $72.39, up by 0.15 per cent.

February crude oil futures were trading at ₹6023 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹6033, down by 0.12 per cent, and March futures were trading at ₹6054 as against the previous close of ₹6058, down by 0.07 per cent.

The US National Security Advisor, Jake Sullivan, told NBC on Sunday that the US intends to take additional strikes to send a clear message that it will respond when its forces are attacked and when its people are killed.

US, UK attacked 36 Houthi targets

Last week, the US and British forces attacked against 36 Houthi targets in Yemen after an attack on US forces in Jordan. Escalation of tension in the Middle-East region has created apprehensions over oil supply disruptions from the region.

Meanwhile, the Chairman of the US Federal Reserve, Jerome Powell, has ruled out interest rate cuts in the near term. In an interview with CBS, he said the Fed will seek clearer signs of easing inflation and a cooling labour market before unwinding policy. However, he said the US economy remains strong. This indicated better demand prospects for commodities such as crude oil in that market. US is a major consumer of crude oil in the global market.

Mentha oil, turmeric dip

February mentha oil futures were trading at ₹920 on MCX against the previous close of ₹926.50, down by 0.70 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹15,330 against the previous close of ₹15,434, down by 0.67 per cent.

March jeera futures were trading at ₹27,115 on NCDEX against the previous close of ₹27,275, down by 0.59 per cent.

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