Crude oil futures were trading lower on Monday morning as the US and Russian delegations prepared to meet to discuss a ceasefire plan to end the war between Russia and Ukraine. At 9.54 am, June Brent oil futures were at $71.33, down by 0.39 per cent, while May crude oil futures on WTI were at $68.02, down by 0.38 per cent. On the Multi Commodity Exchange (MCX), April crude oil futures were trading at ₹5,871, a decrease of 0.49 per cent from the previous close, and May futures were trading at ₹5,867, down by 0.37 per cent.
According to a Reuters report, a US delegation aimed to make progress towards a Black Sea ceasefire and a broader cessation of violence in Ukraine during talks with Russian officials on Monday. The US also held discussions with Ukraine diplomats on Sunday.
US President Donald Trump has been vocal about ending the war between Russia and Ukraine, with hopes that a ceasefire could lead to the lifting of sanctions on Russia and an increase in crude oil supply from the country, as Russia is a major global producer.
In their Commodities Feed for Monday, ING Think’s Head of Commodities Strategy, Warren Patterson, and Commodities Strategist, Ewa Manthey, noted that oil saw its largest weekly increase since early January, with ICE Brent settling more than 2.2 per cent higher. Tighter sanctions on Iranian oil exports and compensation plans from some OPEC+ members for overproduction provided support to oil prices.
April natural gas futures on the MCX were trading at ₹324.20, a decrease of 1.46 per cent, while on the National Commodities and Derivatives Exchange (NCDEX), April turmeric contracts were up by 1.85 per cent and April jeera futures were down by 1.02 per cent.
Overall, the market awaited the outcome of the US-Russia talks and potential developments that could impact crude oil prices in the coming days.