Crude oil futures traded marginally higher on Tuesday morning following the geopolitical developments in Russia and West Asia.
At 9.55 am on Tuesday, September Brent oil futures were at $85.18, up by 0.04 per cent, and August crude oil futures on West Texas Intermediate (WTI) were at $81.67, up by 0.05 per cent.
July crude oil futures were trading at ₹6,821 on Multi Commodity Exchange (MCX) during initial trading on Tuesday morning against the previous close of ₹6,822, down by 0.01 per cent, and August futures were trading at ₹6,783 against the previous close of ₹6,780, up by 0.04 per cent.
EU ban on Russian LNG
On Monday, Ukraine said it recently hit more than 30 oil processing and storage facilities in Russia, a major global supplier.
Member countries of the European Union on Monday agreed on sanctions to ban reloading of Russian LNG in EU for shipment to other countries.
Reports also said two Israeli air strikes had led to the death of at least 11 Palestinians in Gaza on Monday.
Meanwhile, as a recent development showed, China’s economy is still facing challenges.
There were reports of falling sales in the recently concluded online shopping festival, which is one of two major e-commerce events in China.
A Reuters report said consumers in China were reluctant to spend amid a real estate slump, stunted wage growth and high youth unemployment.
China is a major consumer of crude oil in the global market. Economic indicators from China impact the price of commodities such as crude oil.
Jeera gains, dhaniya slips
July natural gas futures were trading at ₹244.50 on MCX against the previous close of ₹242.10, up by 0.99 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹29,650 against the previous close of ₹29,435, up by 0.73 per cent.
July dhaniya futures were trading at ₹7,336 on NCDEX against the previous close of ₹7,352, down by 0.22 per cent.