futures traded higher on Friday morning after announced its decision to ban exports until the end of the year.
At 9.57 am on Friday, November Brent oil futures were at $69.56, up by 0.20 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $65.23, up by 0.38 per cent. October crude oil futures were trading at ₹5,798 on during the initial hour of trading on Friday against the previous close of ₹5,773, up by 0.43 per cent, and November futures were trading at ₹5,764 against the previous close of ₹5,736, up by 0.49 per cent.
A Reuters report, which quoted the Russian Deputy Prime Minister Alexander Novak, said Russia will introduce a partial ban on diesel exports until the end of the year. In addition to this, it will also extend an existing ban on gasoline exports.
The recent drone attacks by Ukraine on Russian energy infrastructure has impacted the production capacity of Russian refineries. According to reports, the recent attacks have reduced oil refining capacity by almost a fifth on certain days in Russia. The fall in refining capacity has led to the reduction of crude oil output also, reports said.
Russia is one of the major producers of crude oil in the world market.
Meanwhile, the recent petroleum status report showed a decline in US crude oil inventories for the week ending September 19.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories decreased by 0.6 million barrels for the week ending September 19. At 414.8 million barrels, US crude oil inventories were about 4 per cent below the five-year average for this time of year. Total motor gasoline inventories decreased by 1.1 million barrels from last week and were 2 per cent below the five-year average for this time of year. Distillate fuel inventories decreased by 1.7 million barrels last week and were about 8 per cent below the five-year average for this time of year.
Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 0.9 per cent from the same period last year.
October futures were trading at ₹285.90 on MCX during the initial hour of trading on Friday against the previous close of ₹283.40, up by 0.88 per cent.
On the , October guarseed contracts were trading at ₹4,936 in the initial hour of trading on Friday against the previous close of ₹4,958, down by 0.44 per cent.
December cottonseed oilcake futures were trading at ₹2,900 on NCDEX in the initial hour of trading on Friday against the previous close of ₹2,899, up by 0.03 per cent.