traded higher on Tuesday morning amid reports that the US is considering a second phase of sanctions on Russia.
At 9.55 am on Tuesday, November Brent oil futures were at $66.43, up by 0.62 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $62.65, up by 0.63 per cent.
September crude oil futures were trading at ₹5522 on during the initial hour of trading on Tuesday against the previous close of ₹5491, up by 0.56 per cent, and October futures were trading at ₹5508 against the previous close of ₹5479, up by 0.53 per cent.
Market reports said that is ready to move to a second phase of sanctions on Russia. This follows air strikes by Russia on Ukraine on Sunday.
According to Ukrainian President Volodymyr Zelenskiy, drone and missile barrage killed four people and caused damage across the north, south and east of Ukraine. This included the cities such as Zaporizhzhia, Kryvyi Rih and Odesa, and Sumy and Chernihiv regions.
There were also reports that the European Union is exploring new sanctions on Russian banks and energy companies in its efforts to end the conflict between Russia and Ukraine. Russia is one of the major producers of crude oil in the world market.
Added to this, the decision of the Organization of Petroleum Exporting Countries and its allies (OPEC+) to slow the pace of production output in October also supported the price of the commodity.
Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, said the slowdown in incremental volume from the group should help trim the expected market surplus.
September natural gas futures were trading at ₹271.90 on MCX during the initial hour of trading on Tuesday against the previous close of ₹273.90, down by 0.73 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹12120 in the initial hour of trading on Tuesday against the previous close of ₹12098, up by 0.18 per cent.
September cottonseed oilcake futures were trading at ₹3330 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹3346, down by 0.48 per cent.