Crude oil futures traded higher on Tuesday morning as markets analysed the impact of Ukrainian attacks on Russian energy infrastructure over the weekend and US President Donald Trump’s threat to close airspace over Venezuela.
At 9.57 am on Tuesday, February Brent oil futures were at $63.24, up by 0.11 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $59.43, up by 0.19 per cent. December crude oil futures were trading at ₹5346 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5324, up by 0.41 per cent, and January futures were trading at ₹5340 against the previous close of ₹5321, up by 0.36 per cent.
Following the Ukrainian attacks on Russian energy infrastructure over the weekend, the Caspian Pipeline Consortium (CPC) had suspended loadings at its terminals after one of the two single point moorings (SPM) was damaged by attacks.
A Reuters report, which quoted Russia’s Kommersant daily, said the CPC has resumed oil shipments from one SPM at its Black Sea terminal. It said that oil loadings had resumed via the SPM 1, while SPM 2 was damaged.
ING Think’s Commodities Feed said on Monday that the CPC terminal, which is located at Novorossiysk port in Russia, predominantly ships Kazakhstan crude oil. Shipments from the CPC terminal have averaged around 1.48 million barrels a day so far this year, up roughly 200,000 barrels a day from last year, it said.
Meanwhile, Trump’s threat on Venezuela to close airspace over the nation has increased oil supply risks for Venezuelan crude oil. According to ING Think’s Commodities Feed, Venezuela exports around 800,000 barrels a day of crude oil, of which most of the crude oil will head to China.
December natural gas futures were trading at ₹439 on MCX during the initial hour of trading on Tuesday against the previous close of ₹433.50, up by 1.27 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹10,436 in the initial hour of trading on Tuesday against the previous close of ₹10,568, down by 1.25 per cent.
December jeera futures were trading at ₹21,525 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹21,710, down by 0.85 per cent.
Published on December 2, 2025
