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Crude oil futures traded higher on Monday morning following the escalation of tensions in the Middle East region. This created apprehensions in the market over disruptions in the supply of crude oil from the region.
- Also read: Crude Check: Positive upturn in trend
At 9.52 am on Monday, April Brent oil futures were at $83.44, up by 0.59 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $78.48, up by 0.60 per cent.
February crude oil futures were trading at ₹6,522 on the Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6,381, up by 2.21 per cent; and March futures were trading at ₹6,530 as against the previous close of ₹6,381, up by 2.34 per cent.
The US administration said on Sunday that three members from the US forces were killed and several others were injured following a drone attack on the US forces in northern Jordan.
The US President, Joe Biden, said Iran-backed groups are responsible for this attack on the US forces. “Have no doubt - we will hold all those responsible to account at a time and in a manner of our choosing,” Biden said. This attack is one of the major attacks on US forces after the Israel-Hamas war started in October.
On Friday, the Houthis attacked a Transfigura-operated fuel tanker in the Red Sea route off Yemen coast. This also created tensions in the market over the disruptions in the supply of the commodity from Middle East.
Meanwhile, market reports said that the export of products from Russia is expected to decline as some oil refineries are undergoing repair. This follows recent drone attacks on oil refineries in Russia.
February natural gas futures were trading at ₹179.80 on MCX in the initial trading hour of Monday morning against the previous close of ₹182.50, down by 1.48 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹27,885 in the initial trading hour of Monday morning against the previous close of ₹27,715, up by 0.61 per cent.
February cottonseed oilcake futures were trading at ₹2,507 on NCDEX in the initial trading hour of Monday morning against the previous close of ₹2,554, down by 1.84 per cent.
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