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Crude oil futures traded higher on Friday morning as the market closely monitored the developments in the West Asia region.
At 9.56 am on Friday, December Brent oil futures were at $74.50, up by 0.16 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $70.28, up by 0.13 per cent.
November crude oil futures were trading at ₹5927 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5911, up by 0.27 per cent, and December futures were trading at ₹5920 against the previous close of ₹5902, up by 0.30 per cent.
The US Secretary of State, Antony Blinken, said on Thursday that his country does not want a protracted Israeli campaign in Lebanon, as he began efforts for a fresh round of talks for a ceasefire in West Asia.
Despite these efforts, tensions continued in West Asia. Market is also concerned about Israel’s possible retaliatory attack on Iran. Iran had conducted a missile attack on Israel in early October. These factors have created apprehensions in the market over a possible supply disruption from the region.
Slowing demand for crude oil from China was one of the reasons for the recent weakness in the crude oil market. Various stimulus measures announced by Chinese authorities did not have much impact on the market.
Now the market is waiting for the outcome of the meeting of the Standing Committee of the National People’s Congress of China in November. Market expects the policymakers to take decisions on more fiscal spending in that meeting.
China is a major consumer of crude oil in the global market. Any move to boost economy in that country will help boost the demand for commodities such as crude oil.
November aluminium futures were trading at ₹238.65 on MCX during the initial hour of trading on Friday against the previous close of ₹241.85, down by 1.32 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were trading at ₹24700 in the initial hour of trading on Friday against the previous close of ₹25015, down by 1.26 per cent.
December turmeric (farmer polished) futures were trading at ₹13376 on NCDEX in the initial hour of trading on Friday against the previous close of ₹13604, down by 1.68 per cent.
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