Brent crude oil futures traded higher on Friday morning as markets focussed on the US-proposed peace talks between Russia and Ukraine and the outcome of the meeting of OPEC+ (Organization of Petroleum Exporting Countries and allies) on Sunday.
At 9.56 am on Friday, February Brent oil futures were at $63.03, up by 0.25 per cent. December crude oil futures were trading at ₹5,292 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,290, up by 0.04 per cent, and January futures were trading at ₹5,281 against the previous close of ₹5,284, down by 0.06 per cent.
Russian President Vladimir Putin said on Thursday that he is ready to hold talks with the US over a possible peace plan for Ukraine. However, he made it clear that Russia is ready to fight, if necessary.
A Reuters report said that Putin was speaking in Bishkek after a summit with the leaders of a grouping of former Soviet republics. He told reporters that the discussions so far were not about a draft agreement of any kind but about sets of issues.
Stating the US and Ukraine had decided to divide up the 28 points of the peace plan into four separate components, he said: “In general, we agree that this could be the basis for future agreements. We see that the American side takes into account our position.” However, he said, some things still needed to be discussed.
Market analysts feel that a positive outcome from the peace talk could help lift sanctions on Russian crude oil. This could help improve supplies to the global markets.
Meanwhile, markets are also focusing on the virtual meeting of OPEC+ members on Sunday. Though OPEC+ is expected to maintain a pause in output hikes for the first quarter of 2026, market players feel that the group may focus on the long-term review of the capacities of member nations.
December zinc futures were trading at ₹300.70 on MCX during the initial hour of trading on Friday against the previous close of ₹299.10, up by 0.53 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹10,400 in the initial hour of trading on Friday against the previous close of ₹10,326, up by 0.72 per cent.
December turmeric (farmer polished) futures were trading at ₹14,326 on NCDEX in the initial hour of trading on Friday against the previous close of ₹14,448, down by 0.84 per cent.