Crude oil futures traded higher on Tuesday morning after witnessing more than 2 per cent decline in the previous session.

At 9.57 am on Tuesday, June Brent oil futures were at $66.63, up by 0.56 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $62.83, up by 0.67 per cent.

May crude oil futures were trading at ₹5369 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5336, up by 0.62 per cent, and June futures were trading at ₹5340 against the previous close of ₹5302, up by 0.72 per cent.

Crude oil futures recovered on Tuesday morning despite uncertainties over global economy due to the trade tariffs announced by the US administration and the uncertainty over the US monetary policy.

Criticising the US Federal Reserve Chair Jerome Powell on Monday, the US President Donald Trump said the US economy could slow unless interest rates were lowered immediately.

Powell had stated last week that US Fed was not inclined to cut interest rates in the near future due to the possible inflationary pressures and the uncertainties arising out of US trade tariffs.

White House economic advisor Kevin Hassett stated on Friday that Trump’s team was studying whether Powell could be fired. Market players feel that these factors could impact the demand for commodities such as crude oil.

In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil was unable to escape the broader risk-off move in markets on Monday. ICE Brent settled 2.5 per cent lower on the day. A variety of factors put downward pressure on the market: persistent demand concerns amid tariff uncertainty; Trump’s pressure on the Fed; and progress in nuclear talks between the US and Iran, they said.

April copper futures were trading at ₹848.80 on MCX during the initial hour of trading on Tuesday against the previous close of ₹843.50, up by 0.63 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), May turmeric (famer polished) contracts were trading at ₹15352 in the initial hour of trading on Tuesday against the previous close of ₹15186, up by 1.09 per cent.

May jeera futures were trading at ₹23935 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹24030, down by 0.40 per cent.

Published on April 22, 2025