Crude oil traded higher on Monday morning in view of the week-end rebellion by a private military group in Russia.
At 10 am on Monday, August Brent oil futures were at $74.14, up by 0.18 per cent, and August crude oil futures on WTI were at $69.28, up by 0.17 per cent.
July crude oil futures were trading at ₹5,700 on the Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹5,675, up by 0.44 per cent, and August futures were trading at ₹5,735 against the previous close of ₹5,713, up by 0.39 per cent.
Russia faced a brief period of rebellion by Wagner (a private military group) during the week-end. However, this rebellion fizzled out as Wagner reportedly entered into a deal with the Russian government to end the rebellion.
Though Russia witnessed a brief period of rebellion, it caused concerns across the globe. Crude oil markets were concerned over the political instability in Russia. Being one of the major producers of crude oil, Russia plays a significant role in the supply of crude oil to markets such as China and India. Any political instability in that country, which is already at war with Ukraine, will lead to a tight supply situation in the global market. Such a development will have an impact on the price of the commodity also.
Jeera soars, guar gum cools
July natural gas futures were trading at ₹236.70 on MCX in the initial trading hour of Monday morning, against the previous close of ₹227.40, up by 4.09 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹57,300 in the initial trading hour of Monday morning, against the previous close of ₹54,940, up by 4.30 per cent.
July guar gum futures were trading at ₹10,290 on NCDEX in the initial trading hour of Monday morning, against the previous close of ₹10,582, down by 2.76 per cent.