On Friday morning, oil prices were supported by the increasing tension between Russia and Ukraine.
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Crude oil futures traded higher on Friday morning but are headed for a weekly loss due to the prospects of an increase in supplies from OPEC+ and uncertainties surrounding the US-China trade war.
At 9.53 am on Friday, June Brent oil futures were at $66.98, up by 0.65 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $63.23, up by 0.70 per cent. May crude oil futures were trading at ₹5401 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5380, up by 0.39 per cent, and June futures were trading at ₹5,364 against the previous close of ₹5,343, up by 0.39 per cent.
On Friday morning, oil prices were supported by the increasing tension between Russia and Ukraine. Reports said that Russia attacked Ukraine’s Kyiv with missiles and drones on Thursday.
Criticising Russia for this, the US President Donald Trump said in a post on the social media platform Truth Social: “I am not happy with the Russian strikes on KYIV. Not necessary, and very bad timing. Vladimir, STOP! 5,000 soldiers a week are dying. Lets get the Peace Deal DONE!”.
In another post on Truth Social, he also criticised the Ukraine President Volodymyr Zelenskyy. Trump said: “Ukrainian President, Volodymyr Zelenskyy, is boasting on the front page of The Wall Street Journal that, ‘Ukraine will not legally recognize the occupation of Crimea. There’s nothing to talk about here.’ This statement is very harmful to the Peace Negotiations with Russia in that Crimea was lost years ago under the auspices of President Barack Hussein Obama, and is not even a point of discussion. Nobody is asking Zelenskyy to recognize Crimea as Russian Territory but, if he wants Crimea, why didn’t they fight for it eleven years ago when it was handed over to Russia without a shot being fired? The area also houses, for many years before ‘the Obama handover,’ major Russian submarine bases. It’s inflammatory statements like Zelenskyy’s that makes it so difficult to settle this War.”
Trump further said: “He has nothing to boast about! The situation for Ukraine is dire — He can have Peace or, he can fight for another three years before losing the whole Country.”
Media reports said that the US and Russia are making progress in finding a solution to Russia-Ukraine war, though some terms are yet to be resolved. Market players hope that a ceasefire in this war would help boost the supplies of crude oil in the global market.
Some bearish sentiments impacted the price of the commodity during the week. This included the recent reports that some OPEC+ members are planning for an increase in crude oil production output for the second consecutive month in June.
Added to this, the trade war between the US and China also made an impact on the crude oil prices. The US and China are the two major consumers of the commodity in the global market.
May natural gas futures were trading at ₹265.20 on MCX during the initial hour of trading on Friday against the previous close of ₹263.50, up by 0.65 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), May jeera contracts were trading at ₹22,750 in the initial hour of trading on Friday against the previous close of ₹23,005, down by 1.11 per cent.
May turmeric (farmer polished) futures were trading at ₹14,456 on NCDEX in the initial hour of trading on Friday against the previous close of ₹14548, down by 0.63 per cent.
Published on April 25, 2025