Crude oil futures traded lower on Tuesday morning on expectations of a further increase in supplies from OPEC+ in July.

At 9.58 am on Tuesday, August Brent oil futures were at $63.98, down by 0.22 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $61.35, down by 0.29 per cent. June crude oil futures were trading at ₹5,245 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,255, down by 0.19 per cent, and July futures were trading at ₹5,213 against the previous close of ₹5,221, down by 0.15 per cent.

Members of the Organisation of the Petroleum Exporting Countries and allies, known as OPEC+, were scheduled to meet on June 1. Quoting three sources from the group, a Reuters report said the meeting is likely to be held on May 31.

In one of the previous reports, Reuters had mentioned that OPEC+ will likely finalise output for July in the proposed meeting. Quoting sources, the report had forecasted a production increase of 411,000 barrels a day in July.

ING Think’s Commodities Feed for Monday said: “We’re assuming in our balance sheet that the group will agree to increase output by another 411,000 barrels a day in July. This should keep the market well supplied over the second half of this year.”

On Monday, Iran rejected suspending uranium enrichment as part of a nuclear deal with the US. According to Iranian President Masoud Pezeshkian, his country would be able to survive if negotiations with the US over its nuclear programme fail to secure a deal. Market reports say that Iran could continue to face US sanctions, if the nuclear deal fails to materialise. This could limit the supply of crude oil from Iran to the world market.

May zinc futures were trading at ₹256.75 on MCX during the initial hour of trading on Tuesday against the previous close of ₹258.20, down by 0.56 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts were trading at ₹13,702 in the initial hour of trading on Tuesday against the previous close of ₹13,812, down by 0.80 per cent.

June jeera futures were trading at ₹20,610 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹20,725, down by 0.55 per cent.

Published on May 27, 2025