Crude oil futures traded higher on Tuesday morning as some reports indicated fall in Russian crude oil output in January.
At 9.57 am on Tuesday, April Brent oil futures were at $76.14, up by 0.36 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $72.56, up by 0.33 per cent.
February crude oil futures were trading at ₹6310 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6337, down by 0.43 per cent, and March futures were trading at ₹6293 against the previous close of ₹6322, down by 0.46 per cent.
Market reports said that Russia’s January crude oil output fell below the target under the OPEC+ supply agreement.
Last month, the previous Biden administration in the US had imposed fresh sanctions on Russia. Two of the major Russian oil companies that handle nearly 25 per cent of the exports from that country were the main targets of the US sanctions.
Meanwhile, the US President Donald Trump, has proposed to cancel the Israel-Hamas ceasefire, if Hamas fails to release the hostages held by it by Saturday.
Quoting Trump, a Reuters report said: “”As far as I’m concerned, if all of the hostages aren’t returned by Saturday at 12 o’clock, I think it’s an appropriate time. I would say, cancel it and all bets are off and let hell break out. I’d say they ought to be returned by 12 o’clock on Saturday.”
On Monday, he expressed his dissatisfaction with condition of the last group of hostages freed by Hamas, and on the announcement by Hamas that it would stop further releases of hostages.
On Monday, the US government imposed 25 per cent tariffs on steel and aluminium imports to help its industries.
Speaking to reporters, Trump said: “It’s 25 per cent without exceptions or exemptions. That’s all countries, no matter where it comes from, all countries.” It is to be noted here that Canada, Mexico and Brazil are the largest exporters of steel to the US, followed by South Korea and Vietnam.
February natural gas futures were trading at ₹300 on MCX during the initial hour of trading on Tuesday against the previous close of ₹303.80, down by 1.25 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹8188 in the initial hour of trading on Tuesday against the previous close of ₹8180, up by 0.10 per cent.
February guargum futures were trading at ₹9946 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹9921, up by 0.25 per cent.
