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Crude oil futures traded higher on Monday morning following the attack by Hamas on Israel and the military conflict after that.
At 9.51 am on Monday, December Brent oil futures were at $87.69, up by 3.68 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $86.03, up by 3.91 per cent.
October crude oil futures were trading at ₹7,174 on the Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning, against the previous close of ₹6,875, up by 4.35 per cent, and November futures were trading at ₹7,045 as against the previous close of ₹6,773, up by 4.02 per cent.
Uncertainty in West Asia
Hamas, an Islamist group from Palestine, launched a military attack on Israel on Saturday, killing hundreds of Israelis. Reports said Hamas has taken many Israelis hostage. Following this, Israel also launched a retaliatory attack on Gaza.
While many nations condemned the attack by Hamas, Iran praised it. Israel has already alleged the involvement of Iran in the attack.
All these developments have created uncertainty in West Asia , a major crude oil producing region.
Market reports suggested that the uncertainty in the region may lead to volatility in the market, helping in the upward movement of crude oil prices.
Turmeric loses gleam
Crude oil futures traded more than 8 per cent lower last week, following signs of a decline in the demand despite supply tightness in the world market.
October natural gas futures were trading at ₹286.1 on MCX in the initial trading hour of Monday morning, against the previous close of ₹275.90, up by 3.70 per cent.
On NCDEX, guarseed November contracts dropped by 1.25 per cent to ₹5,595 a quintal, while turmeric October futures dropped by 3.27 per cent to ₹13,952 a quintal.
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