Crude oil futures saw an increase in trading on Tuesday morning due to reports indicating a decrease in Russian crude oil output in January.
At 9:57 am, April Brent oil futures were up by 0.36% at $76.14, while March WTI crude oil futures were trading at $72.56, up by 0.33%.
On the Multi Commodity Exchange (MCX), February crude oil futures were trading at ₹6310, down by 0.43% from the previous close, and March futures were at ₹6293, down by 0.46%.
Reports suggested that Russia’s crude oil output in January fell below the target set by the OPEC+ supply agreement.
Last month, the US imposed sanctions on two major Russian oil companies, accounting for 25% of the country’s exports.
US President Donald Trump has threatened to cancel the Israel-Hamas ceasefire if hostages held by Hamas are not released by Saturday.
Trump expressed dissatisfaction with the condition of the hostages released by Hamas and criticized Hamas for halting further releases.
On Monday, the US government imposed 25% tariffs on steel and aluminum imports from all countries.
February natural gas futures on the MCX were down by 1.25% at ₹300.
On the NCDEX, April dhaniya contracts were up by 0.10% at ₹8188, while February guargum futures were up by 0.25% at ₹9946.
Overall, the increase in crude oil futures was driven by the decrease in Russian output and other geopolitical factors affecting the market.
