Petroleum futures traded lower on Monday early morning after experiencing a gain of around 6 percent recently.
At 9.54 am on Monday, April Brent oil futures were at $81.88, down by 0.38 percent, and March petroleum futures on WTI (West Texas Intermediate) were at $76.53, down by 0.40 percent.
February petroleum futures were trading at 6,350 on the Multi Product Exchange (MCX) throughout preliminary trading versus the previous close of 6,361, down by 0.17 percent; and March futures were trading at 6,369, as versus the previous close of 6,374, down by 0.08 percent.
Supply disturbances fear.
Oil costs traded lower following reports of the ‘conclusion” of Israeli attacks in southern Gaza. Mentioning the Israeli Military, a Reuters report stated Israel had actually performed a series of strikes on southern Gaza that have now ‘concluded’. Nevertheless, the report stated the Israeli Military did not offer information on this. This news comes a couple of days after Israel’s rejection of a ceasefire deal by Hamas.
Stress in West Asia have actually developed apprehensions in the oil market over the supply disturbances. Any possibilities of s ceasefire in the area would assist reduce apprehensions over oil supply disturbances to the world market.
On the other hand, market reports suggested that energy business in the United States have actually increased their oil and gas rigs to the greatest given that December. This might possibly result in greater oil production in the United States. This might even more result in a decrease in the rate of the product.
Kapas gains, turmeric slips.
Petroleum trading volumes stayed thin due to vacations in some parts of Asia. Markets in China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam and Malaysia are closed for vacations.
February gas futures were trading at 151.50 on MCX versus the previous close of 153.80, down by 1.50 percent.
On the National Commodities and Derivatives Exchange (NCDEX), April kapas agreements were trading at 1,482, versus the previous close of 1,478, up by 0.27 percent.
April turmeric (farmer polished) futures were trading at 15,060 on NCDEX in the preliminary trading hour of Monday early morning, versus the previous close of 15,166, down by 0.70 percent.
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