Crude oil futures traded higher on Friday morning as concerns over a potential increase in supplies from Venezuela eased after the US Congress introduced a bill that could limit US intervention in that country.
At 9.58 am on Friday, March Brent oil futures were at $62.41, up by 0.68 per cent, and February crude oil futures on WTI (West Texas Intermediate) were at $58.15, up by 0.68 per cent. January crude oil futures were trading at ₹5245 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,163, up by 1.59 per cent, and February futures were trading at ₹5,252 against the previous close of ₹5,180, up by 1.39 per cent.
On Thursday, US Senate advanced a resolution restricting US President Donald Trump from taking further military action against Venezuela without authorisation from the US Congress. Five Republican senators and Democrat senators supported this move.
Trump took to social media platform Truth Social to express his unhappiness over this move. He said: “Republicans should be ashamed of the Senators that just voted with Democrats in attempting to take away our Powers to fight and defend the United States of America. Susan Collins, Lisa Murkowski, Rand Paul, Josh Hawley, and Todd Young should never be elected to office again. This Vote greatly hampers American Self Defense and National Security, impeding the President’s Authority as Commander in Chief. In any event, and despite their “stupidity,” the War Powers Act is Unconstitutional, totally violating Article II of the Constitution, as all Presidents, and their Departments of Justice, have determined before me. Nevertheless, a more important Senate Vote will be taking place next week on this very subject.”
This move helped ease concern over the crude oil supply increase from Venezuela.
Meanwhile, the ongoing unrest in Iran also supported the price of the commodity. On Thursday, Trump threatened to take action against Iran if it ‘start killing’ protestors in that country.
In an interview with conservative radio host Hugh Hewitt, he said: “I have let them know that if they start killing people, which they tend to do during their riots — they have lots of riots — if they do it, we are going to hit them very hard.”
January aluminium futures were trading at ₹310.65 on MCX during the initial hour of trading on Friday against the previous close of ₹308.85, up by 0.58 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹17,770 in the initial hour of trading on Friday against the previous close of ₹17,606, up by 0.93 per cent.
January dhaniya futures were trading at ₹9,750 on NCDEX in the initial hour of trading on Friday against the previous close of ₹9928, down by 1.79 per cent.
Published on January 9, 2026