Crude oil and natural gas futures gained on the Multi Commodity Exchange (MCX) on Thursday morning as Brent crude oil prices continue to hover above $89 a barrel.

February crude oil futures were trading at ₹6,508 on MCX during the initial hours of trading against the previous close of ₹6,378, up by 2.04 per cent.

April Brent oil futures were at $87.87, down by 0.98 per cent and March crude oil futures on WTI at $86.42, down by 1.06 per cent. Brent crude futures had briefly hit $90 mark on Wednesday.

Market reports noted that the probable supply challenges due to the tension between Russia and Ukraine are leading to the increase in the crude oil prices. Russia is a part of OPEC+ group.

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Added to this, some OPEC (Organization of the Petroleum Exporting Countries) members are not able to meet the targeted oil production due to various constraints in their countries.

On MCX, February natural gas futures were trading at ₹303.30 in the initial hour of trading on Thursday morning as against the previous close of ₹292.90, up by 3.55 per cent.

Reports mentioned that tensions between Russia and Ukraine have led to the fears of supply disruption of natural gas to Europe. This has led to the increase in the prices of natural gas also.

Jeera gains, bajra slips

On the National Commodities and Derivatives Exchange (NCDEX), March jeera futures were trading at ₹19650 in the initial hour of trading on Thursday morning against the previous close of ₹19265, up by 2 per cent.

February bajra contracts were trading at ₹1800 on NCDEX in the initial hour of trading on Thursday morning as against the previous close of ₹1852, down by 2.81 per cent.

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