Crude oil futures traded lower on Friday morning as markets expected that US sanctions on Russian oil would have less impact than previously anticipated.

At 9.59 am on Friday, January Brent oil futures were at $63.97, down by 0.62 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $60.16, down by 0.68 per cent. November crude oil futures were trading at ₹5346 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5391, down by 0.83 per cent, and December futures were trading at ₹5335 against the previous close of ₹5379, down by 0.82 per cent.

In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the oil market

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