Crude oil trades marginally lower as US-led forces launch fresh attacks

Crude oil futures traded marginally lower on Tuesday morning as US-led forces conducted new attacks on the Houthis in the Red Sea.

At 9.50 am on Tuesday, May Brent oil futures were at $81.65, down by 0.02 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $77.56, down by 0.03 per cent.

March crude oil futures were trading at ₹6,436 on the Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹6,466, down by 0.46 per cent, and April futures were trading at ₹6,428, as against the previous close of ₹6,464, down by 0.56 per cent.

Ceasefire will ease tensions

Market reports said the US-led forces attacked the Yemeni Houthis in the Red Sea. This followed the recent attacks by Houthis on merchant vessels in the Red Sea. In their support to the Palestine in the Israel-Hamas war, Houthis continue to attacks ships in Red Sea route.

On Monday, the US President, Joe Biden, said he is hoping for a ceasefire between Israel and Hamas within a few days. Ceasefire talks are going on in Qatar. The talks aim to broker the release of hostages.

Quoting Biden, a Reuters report said: “My national security advisor tells me that we’re close. We’re close. We’re not done yet. My hope is by next Monday we’ll have a ceasefire.”

Continued tensions in the Middle-East is impacting the movement of commodities such as crude oil. A ceasefire would help de-escalate the tensions in the region.

Turmeric gleams, jeera slips

March zinc futures were trading at ₹215.35 on MCX against the previous close of ₹214.55, up by 0.37 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹15,960 against the previous close of ₹15666, up by 1.88 per cent.

March jeera futures were trading at ₹24,900 on NCDEX against the previous close of ₹25,335, down by 1.72 per cent.

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