According to the US Treasury, sanctions against Russian oil majors Rosneft and Lukoil are making an impact on Russian oil revenues. These sanctions would reduce the quantity of Russian oil in the international market
| Photo Credit:
REUTERS/YORUK ISIK
Crude oil futures traded lower on Tuesday morning as markets assessed the impact of US sanctions on Russian oil majors that take effect on November 21.
At 9.57 am on Tuesday, January Brent oil futures were at $63.75, down by 0.70 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $59.42, down by 0.74 per cent. November crude oil futures were trading at ₹5,275 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,320, down by 0.85 per cent, and December futures were trading at ₹5,288 against the previous close of ₹5,332, down by 0.83 per cent.
According to the US Treasury, sanctions against Russian oil majors Rosneft and Lukoil are making an impact on Russian oil revenues. These sanctions would reduce the quantity of Russian oil in the international market, he said.
Referring to a statement by the US Treasury’s Office of Foreign Assets Control, a Reuters report said the office’s analysis of the initial market impact of the sanctions announced on October 22 showed they are having their intended effect of dampening Russian revenues by lowering the price of Russian oil and therefore the country’s ability to fund its war effort against Ukraine.
Meanwhile, Goldman Sachs said on Monday that oil prices are expected to decline through 2026. It cited that production increase will keep the market in a large surplus of around 2 million barrels per day.
December natural gas futures were trading at ₹407.60 on MCX during the initial hour of trading on Tuesday against the previous close of ₹415.70, down by 1.95 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December jeera contracts were trading at ₹21600 in the initial hour of trading on Tuesday against the previous close of ₹21,370, up by 1.08 per cent.
December turmeric (farmer polished) futures were trading at ₹14,500 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹14,384, up by 0.81 per cent.
Published on November 18, 2025