Crude oil futures fell on Tuesday morning after reports that Israel may not attack Iranian oil facilities.
As of 9:54 a.m. Tuesday, Brent crude oil futures for December were down 3.01% at $75.13, and WTI (West Texas Intermediate) crude oil futures for November were down 3.03% at $71.59.
On the Multi Commodity Exchange (MCX), October crude oil futures were trading at 6,245 rupees and 6,030 rupees at the opening hours of trading on Tuesday, down 3.44% from the previous closing price, while November crude oil futures were trading at 6,000 rupees from the previous closing price. 6,211 ₹, down 3.40%.
The Washington Post reports, citing two officials, that Israeli Prime Minister Benjamin Netanyahu has told U.S. President Joe Biden that Israel is prepared to attack Iranian military targets, not nuclear or oil facilities. I told him.
The report allayed concerns about possible supply disruptions from West Asia, as Iran is a major oil producer. Attacks on oil facilities could affect supplies to global markets.
Meanwhile, OPEC (Organization of the Petroleum Exporting Countries)’s monthly oil market report revised down its forecast for global oil demand growth in 2024 to 106,000 barrels per day, or 1.9 million barrels compared to the previous year. The forecast is still higher than the historical average of 1.4 million barrels per day before the coronavirus outbreak, he said.
The forecast for global oil demand growth in 2025 has also been revised downward to 1.6 million barrels per day, down 102,000 barrels per day from the previous year.
October natural gas futures on MCX was trading at 207.80 ₹ during the opening hours of trading on Tuesday, down 1.47% from the previous closing price of 210.90 ₹.
On the National Commodity Derivatives Exchange (NCDEX), the December Turmeric (Farmers Shine) contract was trading at Rs 13,850, up 0.64 per cent against the previous closing price of Rs 13,762, in the opening hours of trading on Tuesday. Ta.
October guar gum futures on NCDEX were trading at 11,280 ₹11,280 at the start of trading on Tuesday, down 0.56% against the previous closing price of 11,343 ₹11,343.
