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At 9.52 am on Friday, May Brent oil futures were at $82.21, up by 0.37 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.50, up by 0.31 per cent.
Also read: Crude oil down on US inventory build-up
March crude oil futures were trading at ₹6,507 on the Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6,513, down by 0.09 per cent; and April futures were trading at ₹6,480 as against the previous close of ₹6,482, down by 0.03 per cent.
The US President, Joe Biden, said that he is checking reports of Israeli forces firing on people waiting for food in Gaza. A Reuters report said that Israel has blamed the deaths on crowds surrounding the aid trucks, saying victims were trampled or run over.
Biden said this incident would impact the ceasefire talks in the Middle East. As reported earlier, Israel and Hamas are in talks in Qatar for a ceasefire. Tension in the Middle East is making an impact on the prices of commodities such as crude oil.
Meanwhile, official manufacturing data for February indicated contraction in the manufacturing activities in China.
Manufacturing purchasing managers’ index (PMI) data decreased to 49.1 in February from 49.2 in January. Data has been compiled by the Chinese official agency National Bureau of Statistics of China. This is the fifth straight month of contraction. China is a major consumer of crude oil in the global market.
March natural gas futures were trading at ₹154.80 on MCX in the initial trading hour of Friday morning against the previous close of ₹157.10, down by 1.46 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹24,620 in the initial trading hour of Friday morning against the previous close of ₹24,745, down by 0.51 per cent.
April dhaniya futures were trading at ₹8,050 on NCDEX in the initial trading hour of Friday morning against the previous close of ₹8,000, up by 0.63 per cent.
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