Crude oil futures traded higher on Tuesday morning as escalating tensions between Russia and Ukraine increased concerns over supply disruptions from Russia.
At 9.57 am on Tuesday, November Brent oil futures were at $67.61, up by 0.25 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $63.47, up by 0.27 per cent. September crude oil futures were trading at ₹5597 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday `against the previous close of ₹5587, up by 0.18 per cent, and October futures were trading at ₹5596 against the previous close of ₹5589, up by 0.13 per cent.
Ukrainian forces had launched drone attacks on Russian oil infrastructure over the weekend. According to reports, at least 361 drones were shot down by Russian air defence systems, including four guided aerial bombs and a US-made HIMARS missile, in this attack.
Alexander Drozdenko, governor of the Leningrad region, had stated that three drones were destroyed in the Kirishi area, which refines around 355,000 barrels per day of Russian crude.
A Reuters report said that Russian forces staged a massive attack early on Tuesday on Ukraine’s southeastern city of Zaporizhzhia, killing one person, injuring seven and triggering a large number of fires.
Media reports said that the Israeli military launched a ground offensive in Gaza City on Monday.
In a post on the social media platform Truth Social, US President Donald Trump said: “I have just read a News Report that Hamas has moved the hostages above ground to use them as human shields against Israel’s ground offensive. I hope the Leaders of Hamas know what they’re getting into if they do such a thing. This is a human atrocity, the likes of which few people have ever seen before. Don’t let this happen or, ALL “BETS” ARE OFF. RELEASE ALL HOSTAGES NOW!”
Israel had launched air strikes on Hamas leaders in Qatar last week.
Mentha oil rises, cottonseed oilcake falls
September menthaoil futures were trading at ₹1012.40 on MCX during the initial hour of trading on Tuesday against the previous close of ₹998, up by 1.44 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹3055 in the initial hour of trading on Tuesday against the previous close of ₹3085, down by 0.97 per cent.
September jeera futures were trading at ₹19,075 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹19,225, down by 0.78 per cent.