Crude oil futures traded higher on Friday morning amid thin trading volumes due to Thanksgiving holiday in the US.
At 9.57 am on Friday, February Brent oil futures were at $72.86, up by 0.11 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $69.20, up by 0.46 per cent.
December crude oil futures were trading at ₹5,858 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,844, up by 0.24 per cent, and January futures were trading at ₹5,850 against the previous close of ₹5,840, up by 0.17 per cent.
Trading in oil futures remained thin due to the Thanksgiving holiday in the US on Thursday. US is a major consumer of crude oil in the global market.
On Thursday, Israel and Hezbollah accused each other of violating the ceasefire norms that came into effect this week. The Israel-Hezbollah ceasefire deal, which was brokered by the US and France, had eased concerns over the crude oil supply disruptions from West Asia.
Meanwhile, the meeting of the OPEC+ (Organization of the Petroleum Exporting Countries, and allies), which was scheduled for December 1, will now be conducted on December 5. Market reports indicated that OPEC+ is likely to delay the production output increase for now.
Reports said that Russia attacked Ukrainian energy facilities on Thursday. Recent escalation in tensions between Russia and Ukraine has created apprehensions over the crude oil supply disruptions from Russia. Russia is one of the major producers of crude oil in the global market.
December aluminium futures were trading at ₹243.10 on MCX during the initial hour of trading on Friday against the previous close of ₹241.65, up by 0.60 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December guargum contracts were trading at ₹10,088 in the initial hour of trading on Friday against the previous close of ₹10,147, down by 0.58 per cent.
December dhaniya futures were trading at ₹7,606 on NCDEX in the initial hour of trading on Friday against the previous close of ₹7,640, down by 0.45 per cent.
