Crude oil futures traded lower on Friday morning following reports that raised hopes of a peace deal between Russia and Ukraine.

At 9.59 am on Friday, February Brent oil futures were at $59.71, down by 0.18 per cent, and February crude oil futures on WTI (West Texas Intermediate) were at $55.89, down by 0.20 per cent. January crude oil futures were trading at Rs 5074 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of Rs 5114, down by 0.78 per cent, and February futures were trading at Rs 5098 against the previous close of Rs 5134, down by 0.70 per cent.

Quoting US President Donald Trump, a Reuters report said he believes talks toward ending the war in Ukraine are ‘getting close to something’.

Citing a White House official, the report said the US envoys Steve Witkoff and Jared Kushner are set to meet a Russian delegation in Miami this weekend. Referring to the recent Russian gains on the battlefield, Trump said, “I hope Ukraine moves quickly because Russia is there.”

A peace deal between Russia and Ukraine will ease concerns over global crude oil supply disruptions. Russia is one of the world’s major crude oil producers.

Meanwhile, reports said that Venezuela has authorised two unsanctioned very large crude carriers to set sail for China.

Trump had recently announced that the US would impose a blockade on sanctioned oil tankers entering and leaving the country. This had put at risk around 600,000 barrels of oil per day in exports. China is the major buyer of this crude.

January natural gas futures were trading at Rs 329.20 on MCX during the first hour of trading on Friday, down 1.99 per cent from the previous close of Rs 335.90.

On the National Commodities and Derivatives Exchange (NCDEX), January guargum contracts traded at ?9910 in the first hour of trading on Friday, up 0.22 per cent from the previous close of Rs 9888.

January jeera futures were trading at Rs 21035 on NCDEX in the initial hour of trading on Friday, down 0.47 per cent from the previous close of Rs 21135.

Source: The Hindu Business Line 

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