At 9.53 am on Friday, September Brent oil futures were at $68.79, up by 0.22%, and August crude oil futures on WTI (West Texas Intermediate) were at $66.78, up by 0.32%.
Crude oil futures traded higher on Friday morning after US President Donald Trump said he plans to make a major statement on Russia on Monday.
At 9.53 am on Friday, September Brent oil futures were at $68.79, up by 0.22 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $66.78, up by 0.32 per cent. July crude oil futures were trading at ₹5,737 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,718, up by 0.33 per cent, and August futures were trading at ₹5,652 against the previous close of ₹5,635, up by 0.30 per cent.
Expressing his support to a Bill aimed at imposing 500 per cent tariff on countries buying oil from Russia, Trump said he is looking at it very strongly. He said the Bill’s implementation and termination remained entirely at his option. Russia is one of the major producers of crude oil in the world market.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices came under pressure on Thursday with ICE Brent settling more than 2.2 per cent lower, taking it back below $70 a barrel. Prices recouped on Friday morning after Trump said he plans to make a ‘major’ statement on Russia on Monday. “This could leave the market nervous over the potential for further sanctions on Russia,” they said.
Referring to the reports which suggested that OPEC+ is near the end of its supply hikes, they said there might be one more increase for September before the group takes a pause.
“This doesn’t change our outlook for the market, as we had assumed OPEC+ would hike supply all the way through until the end of September. These increases should move the global market into a large surplus in the fourth quarter, intensifying downward pressure on prices. For now, though, the market remains relatively tight through the northern hemisphere summer,” they said.
July natural gas futures were trading at ₹288.70 on MCX during the initial hour of trading on Friday against the previous close of ₹285.50, up by 1.12 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹13,472 in the initial hour of trading on Friday against the previous close of ₹13,424, up by 0.36 per cent.
July dhaniya futures were trading at ₹7,452 on NCDEX in the initial hour of trading on Friday against the previous close of ₹7,490, down by 0.51 per cent.
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Published on July 11, 2025