Rate hikes by Central banks across the globe dragged crude oil prices lower on Friday morning.
At 10.06 am on Friday, August Brent oil futures ruled at $119.18, up by 0.56 per cent, and July crude oil futures on WTI were at $116.94, down by 0.55 per cent.
June crude oil futures were trading at ₹9,125 on the Multi Commodity Exchange (MCX) in the initial hour of Friday morning against the previous close of ₹9,164, down by 0.43 per cent, and July futures were trading at ₹8,952 as against the previous close of ₹9,002, down by 0.56 per cent.
Central banks across the world have increased interest rates this week. The US Federal Reserve increased its interest rate by 75 basis point rate to fight increasing inflation.
New sanctions against Iran
Market analysts felt that such actions were needed to control the rising prices. However, they are of the opinion that there is a risk of recession with this.
The downward trend was capped by the US decision to impose new sanctions on Iran. This comes at a time when global crude oil market is already facing tight supply situation. Market analysts felt that this would add to the existing production shortfall among the oil producing nations.
June aluminium futures were trading at ₹214.55 on MCX in the initial hour of Friday morning against the previous close of ₹215.80, down by 0.58 per cent.
Turmeric loses sheen
On the National Commodities and Derivatives Exchange (NCDEX), July steel long futures were trading at ₹47,000 in the initial hour of Friday morning against the previous close of ₹46,800, up by 0.43 per cent.
June turmeric (farmer polished) contracts were trading at ₹7,894 on NCDEX in the initial hour of Friday morning against the previous close of ₹8,222, down by 3.99 per cent.