Futures of crude oil were exchanged higher on Tuesday morning after the US President Donald Trump had hinted on a different tariff exemption.
At 9.58 am on Tuesday June, Brent Oil Futures was $ 65.04, an increase of 0.25 percent, and May crude oil -futures on WTI (West Texas Intermediate) was $ 61.73, an increase by 0.33 percent. April crude oil Futures were traded at £ 5,293 on Multi Commodity Exchange (MCX) during the first hour of trade on Tuesday against the previous £ 5,264 closure, an increase by 0.55 percent, and May Futures acted at £ 5,275 against the previous closure of £ 5,250.
On Monday, Trump said that he is considering an adjustment of the 25 percent rates that are imposed on the import of foreign car and car parts from Mexico, Canada and other places. “Car companies need a little time because they are going to make them here,” he said. Trump recently announced temporary exemptions for certain technical products of mutual rates.
In their raw materials for Tuesday, Warren Patterterson, head of the raw material strategy of ING Thinking, and Ewa Manthey, strategist of the raw materials, said that the oil prices rose marginal on Monday, despite the estimates of the OPEC trims. Ice Brent settled just below $ 65 per barrel. The market digests fast moving policy developments on the tariff front while they balance them with nuclear conversations between the US and Iran. It is clear that the market is more focused on rates and what they mean for oil demand.
They said that Chinese trade data released on Monday were quite strong when it comes to oil. The import of crude oil was on average almost 12.2 million barrels per day in March, an increase of 4.8 percent on an annual basis and almost 9 percent higher month to month. Yet the cumulative import of crude oil has so far been 1.5 percent decrease this year. In the meantime, the refined product version of the product month of the month on the month of March in March increased to 5.24 million tons. The year-to-date, however, exports are still by 15.9 percent on an annual basis. Refined export was weaker because of the lower export margins. In the meantime, so far, China has spent two parties from 2025 export quotas for refined products of a total of 31.8 million tons, a decrease of 4 percent on an annual basis.
ING Think’s Commodities Feed said that the organization of the Petroleum Exporting Countries (OPEC) released its monthly oil market report on Monday, making the possibility to reduce the estimates of demand growth for this year and Next. Given the recent tariff developments, OPEC reduced the estimate of the growth of the oil demand of 2025 by 150,000 barrels per day to 1.3 million barrels per day on an annual basis. The question of 2026 saw a similar reduction; It is expected that it will now grow by 1.28 million barrels per day, it said.
“As we mentioned last week, the wider prices suggests that the market praises with a much greater demand levy due to rates. Moreover, more Bullish demand estimates will continue to maintain than other agencies. Last month the International Energy Agency (IA) has caused us to find the oil question in Tarie, Later, we will find ole. “said the raw materials.
April Natural Gas Futures traded at £ 288.30 on MCX during the first hour of trade on Tuesday against the previous £ 292.70 closure, by 1.50 percent by 1.50 percent.
On the National Commodities and Derivatives Exchange (NCDEX), turmeric (polished) contracts were traded in April at £ 14,500 in the first hour of trade on Tuesday against the previous £ 14,354 closure, an increase of 1.02 percent.
May Castorseed Futures acted at £ 6,379 on NCDex in the first hour of trade on Tuesday against the previous closure of £ 6,432, a decrease of 0.82 percent.
Published 15 April 2025
