futures traded lower on Monday morning after proposed an ‘energy ceasefire’ between Russia and Ukraine.
At 10.02 am on Monday, December Brent oil futures were at $103.40, down by 1.26 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $90.33, down by 1.65 per cent. October crude oil futures were trading at ₹8661 on (MCX) during the initial hour of trading on Monday against the previous close of ₹8881, down by 2.48 per cent, and November futures were trading at ₹8635 against the previous close of ₹8828, down by 2.19 per cent.
In a post on Truth Social, Trump said: “Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!”
Market reports said Ukrainian president Volodymyr Zelenskiy was waiting to see details of the energy ceasefire. Russia is yet to comment on Trump’s statement.
Trump announced on Friday that the US would import diesel from Russia. Following this deal with Russia, Trump asked Zelenskiy to stop attacking refineries in Russia.
However, the weekend attacks on Saudi Arabian targets by the Houthis supported the crude oil prices in the market.
The Houthis attacked the main airport of Saudi Arabia on Saturday killing 12 people and injuring more than 300. The Houthis targeted the airport again on Sunday.
October natural gas futures were trading at ₹304.20 on MCX during the initial hour of trading on Monday against the previous close of ₹313.90, down by 3.09 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹23474 in the initial hour of trading on Monday against the previous close of ₹22572, up by 4 per cent.
October jeera futures were trading at ₹25775 on NCDEX in the initial hour of trading on Monday against the previous close of ₹24830, up by 3.81 per cent.