Concerns over the tight supply situation in the global crude oil market continued to impact crude oil futures with the benchmark Brent nearing a two-month high on Friday.

At 10.03 am on Friday, July Brent oil futures were at $117.63, up by 3.15 per cent, and July crude oil futures on WTI were at $114.19, up by 0.09 per cent.

June crude oil futures were trading at ₹8,868on Multi Commodity Exchange (MCX) in the early trade against the previous close of ₹8,872, down by 0.05 per cent, and July futures were trading at ₹8,679 against the previous close of ₹8,673, up by 0.07 per cent.

While the European Union (EU) is planning to impose a complete ban on Russian crude oil , some member countries are against the move as that would affect their economy.

Hungary needs more time

Reports said a top Hungarian official has sought more time to shift from Russian crude oil imports. According to the official, Hungary requires nearly four years to move away from Russian imports and needs huge investments to adjust its economy. In such a situation, Hungary could not agree to such a ban on the import of Russian crude oil. However, the EU is hopeful of reaching an agreement on the Russian crude oil import ban in its meeting next week.

The recent data by US Energy Information Administration had highlighted the larger than expected withdrawal from the US crude oil inventories indicating the tightness in the market.

June natural gas futures were trading at ₹686.30 on MCX in the initial hour of Friday morning against the previous close of ₹707.80, down by 3.04 per cent.

Turmeric gleams

On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) futures were trading at ₹7,986 in the initial hour of Thursday morning against the previous close of ₹7,918, up by 0.86 per cent.

June steel long contracts were trading at ₹47,760 on NCDEX in the initial hour of Thursday morning against the previous close of ₹48,200, down by 0.91 per cent.

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