According to a Reuters report, the EU and the US are moving toward a trade deal that could include a 15 per cent US baseline tariff on EU imports and possible exemptions.
Crude oil futures traded higher on Friday morning following reports of a possible trade deal between the US and the European Union (EU).
At 9.56 am on Friday, September Brent oil futures were at $69.43, up by 0.36 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $66.25, up by 0.33 per cent. August 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 ₹5,672, up by 1.15 per cent, and September futures were trading at ₹5,683 against the previous close of ₹5,620, up by 1.12 per cent.
According to a Reuters report, the EU and the US are moving toward a trade deal that could include a 15 per cent US baseline tariff on EU imports and possible exemptions.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said trade deals should help reduce uncertainty and also ease some of the demand concerns that have been lingering in the oil market.
They said that oil prices firmed on Thursday amid optimism over trade talks, despite the Trump administration reportedly allowing Chevron to resume operations in Venezuela. The move continued in early morning trading on Friday.
The US government ended Chevron’s ability to produce in Venezuela around two months ago. They said that this reversal coincides with the release of some Americans detained in the South American country. This should see Venezuelan oil exports increase by a little more than 2,00,000 barrels a day, welcome news to the US refiners that will ease some tightness in the heavier crude market, they added.
Quoting unnamed sources, a Reuters report said on Thursday that Russia is poised to introduce a tighter gasoline export ban, including for fuel producers, in the coming days to tackle rising prices.
At present, restrictions only exist for a small portion of gasoline exports by resellers, while oil companies are still allowed to sell the fuel abroad, it said.
Russia is a major producer of crude oil in the global market.
August natural gas futures were trading at ₹272.90 on MCX during the initial hour of trading on Friday against the previous close of ₹271.80, up by 0.40 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August jeera contracts were trading at ₹19,055 in the initial hour of trading on Friday against the previous close of ₹19160, down by 0.55 per cent.
August turmeric (farmer polished) futures were trading at ₹13,252 on NCDEX in the initial hour of trading on Friday against the previous close of ₹13,198, up by 0.41 per cent.
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Published on July 25, 2025