futures traded higher on Friday morning as Russia and Ukraine accused each other of attacking civilians on New Year’s Day.
At 9.55 am on Friday, March Brent oil futures were at $61.11, up by 0.43 per cent, and February crude oil futures on WTI (West Texas Intermediate) were at $57.70, up by 0.49 per cent. January crude oil futures were trading at ₹5,213 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,223, down by 0.19 per cent, and February futures were trading at ₹5,224 against the previous close of ₹5,232, down by 0.15 per cent.
Quoting Ukrainian President Volodymyr Zelenskiy’s Telegram post, a Reuters report said: “On New Year, Russia deliberately brings war. Over 200 attack drones were launched onto Ukraine in the night.” He said energy infrastructure in seven regions across Ukraine had been targeted.
Meanwhile, Russia accused Ukraine of killing at least 24 people, including a child, in a drone strike on a hotel and cafe where civilians were celebrating New Year in a Russian-controlled part of the Kherson region in southern Ukraine.
These developments are taking place at a time when the US is working with both the countries to end four-year-old war.
Russia is one of the major producers of crude oil in the global market.
On Wednesday, US administration mounted further pressure on Venezuela’s crude oil exports by imposing sanctions on companies and vessels based in Hong Kong and China.
Market players are now waiting for the outcome of the meeting of OPEC+ (Organization of the Petroleum Exporting Countries and allies) scheduled to be held on January 4. Markets expect OPEC+ to maintain its recent decision to pause further output hikes in first quarter of 2026.
January copper futures were trading at ₹1,314.70 on MCX during the initial hour of trading on Friday against the previous close of ₹1,292.50, up by 1.72 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹18380 in the initial hour of trading on Friday against the previous close of ₹17,800, up by 3.26 per cent.
January guargum futures were trading at ₹11,625 on NCDEX in the initial hour of trading on Friday against the previous close of ₹11,509, up by 1.01 per cent.