Petroleum up as lots of oil tankers choose to prevent southern Red Sea path

Petroleum futures traded greater on Tuesday early morning as more oil tankers chose to prevent the southern Red Sea path on Monday.

At 9.54 am on Tuesday, March Brent oil futures were at $78.29, up by 0.18 percent, and March petroleum futures on WTI (West Texas Intermediate) were at $72.66, up by 0.07 percent.

January petroleum futures were trading at 6025 on the Multi Product Exchange (MCX) throughout preliminary trading, versus the previous close of 6008, up by 0.28 percent, and February futures were trading at 6066, as versus the previous close of 6049, up by 0.28 percent.

Houthis obstacle.

Market reports stated a minimum of 6 oil tankers chose to prevent the southern Red Sea path on Monday. This followed the boost in stress in the area due to air-borne attacks by US-led forces on Houthi targets in Yemen.

A Reuters report stated the US-led Combined Maritime Forces (CMF) on Friday alerted all the ships to prevent the Bab al-Mandab Strait at the south end of the Red Sea. This followed the attack on Houthi targets in Yemen.

On the other hand, a representative for the Houthis informed Al Jazeera that it would target United States and the British ships in the Red Sea area, in addition to Israeli ships. This choice followed the US-led forces assaulted Houthi targets in Yemen.

Increased stress in the West Asia area and the choice by some oil tankers to prevent the southern Red Sea path will cause an interruption in worldwide oil materials.

Dhaniya up, cottonseed oilcake down.

January gas futures were trading at 256.60 on the MCX in the preliminary trading hour of Tuesday early morning, versus the previous close of 255.10, up by 0.59 percent.

On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya agreements were trading at 7702 in the preliminary trading hour of Tuesday early morning, versus the previous close of 7684, up by 0.23 percent.

February cottonseed oilcake futures were trading at 2698 on NCDEX in the preliminary trading hour of Tuesday early morning, versus the previous close of 2702, down by 0.15 percent.



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