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Crude oil futures traded lower on global markets on Thursday morning as the investors felt that a nuclear deal between Iran and world powers is on the cards soon following a tweet by a top negotiator from Iran.
March crude oil futures were trading at ₹6,861 on the Multi Commodity Exchange (MCX) during initial hours of Thursday morning against the previous close of ₹6,917, down by 0.81 per cent.
April Brent oil futures were at $94.07, down by 0.78 per cent; and March crude oil futures on WTI at $92.82, down by 0.90 per cent.
In a tweet, Ali Bagheri Kani, Iran’s negotiator on the deal, said: “After weeks of intensive talks, we are closer than ever to an agreement; nothing is agreed until everything is agreed, though. Our negotiating partners need to be realistic, avoid intransigence and heed lessons of past 4 years. Time for their serious decisions.”
Following this, France said a decision on salvaging Iran's 2015 nuclear deal with world powers was just days away. It said it was now up to Iran to make the political choice.
A possible nuclear deal between the world powers and Iran can bring down the prices of crude oil. A deal would help world powers to take decision on lifting sanctions on that country. This will help Iran supply crude oil to the global markets affected by tight supplies.
Concerns over the tension between Russia and Ukraine has been leading the increase in price of crude oil in the global markets for the past few days. Russia is one of the major producers of crude oil. Though Russia has stated that it has withdrawn some forces from the border, NATO officials said Russian forces are concentrated along the Ukraine border.
February natural gas futures were trading at ₹353.60 on MCX in the initial hour of Thursday morning against the previous close of ₹344.80, up by 2.55 per cent; and March natural gas futures were at ₹344.90 against the previous close of ₹337.20, up by 2.28 per cent.
Dhaniya futures up
On the National Commodities and Derivatives Exchange (NCDEX), March castorseed futures were trading at ₹6970 in the initial hour of Thursday morning against the previous close of ₹6884, up by 1.25 per cent.
April dhaniya futures were trading at ₹11,054 on NCDEX in the initial hour of Thursday morning against the previous close of ₹10950, up by 0.95 per cent.
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