Crude oil futures traded lower on the global market following the talks of a ceasefire between Russia and Ukraine, and due to the fear of demand decline following lockdowns in many parts of China. The outbreak of Covid in some parts of China led to lockdowns in that country.
May Brent oil futures were at $102.18, down by 9.31 per cent; and April crude oil futures on WTI at $98.41, down by 4.47 per cent.
March crude oil futures were trading at ₹7,519 on Multi Commodity Exchange (MCX) in the initial hour of Tuesday morning against the previous close of ₹7,829, down by 3.96 per cent; and April futures were trading at ₹7,432 against the previous close of ₹7,717, down by 3.69 per cent.
On Monday, Volodymyr Zelenskiy, President of Ukraine, said that his country’s delegation would continue negotiations with Russia on Tuesday also.
Zelenskiy said he spoke with Naftali Bennett, Prime Minister of Israel, as a part of negotiation efforts to end the war with Russia with a fair peace.
The fear of demand decline in China due to lockdowns in some places also caused concerns in the energy market. China is the largest consumer of crude oil. There was an increase in the number of Covid cases in some parts of China. This led to lockdowns in some parts of China.
In other developments, Fatih Birol, Executive Director of International Energy Agency, on Monday asked oil producing nations to supply more crude oil to stabilise world markets.
Market reports also noted that British Prime Minister Boris Johnson is making efforts to convince Saudi Arabia, the largest oil producer in the world, to increase its crude oil supply to the global markets.
March nickel futures were trading at ₹2,849 on MCX in the initial hour of Tuesday morning against the previous close of ₹2,815.70, up by 1.18 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April steel long contracts were trading at ₹55,700 in the initial hour of Tuesday morning against the previous close of ₹57,370, down by 2.91 per cent.
March turmeric (farmer finished) futures were trading at ₹8,738 in the initial hour of Tuesday morning against the previous close of ₹8,788, down by 0.57 per cent.