Futures of crude oil recovered on Tuesday morning after the witness of heavy sale in recent sessions. The fear of an escalation in trade wars guided by the US had influenced the market feelings, because market players found that these trade wars would lead to a global recession and the demand for raw materials such as crude oil would reduce.
At 9.57 am on Tuesday June, Brent Oil Futures was $ 65.14, an increase of 1.45 percent, and May crude oil -futures on WTI (West Texas Intermediate) was $ 61.66, an increase of 1.58 percent. April crude oil Futures were traded at £ 5,300 on Multi Commodity Exchange (MCX) during the first hour of trade on Tuesday against the previous £ 5,293 closure, an increase of 0.13 percent, and May Futures traded at £ 5,300 against the previous closure of £ 5,298, an increase of 0.04.
On Monday, US President Donald Trump threatened Trump China with an extra rate of 50 percent from Wednesday, if it is not to withdraw a retribution rates on the entry from the US.
In their raw materials food for Tuesday, Warren Patterterson, head of the raw material strategy of ING Thinking, and Ewa Manthey, strategist of the raw materials, said that oil prices were something of a care provider on Tuesday morning. Yet risks are still skewed, because Trump threatens an extra rate of 50 percent for Chinese goods if it does not increase its retribution rate of 34 percent.
“It is unlikely that China will reverse the policy. As such, we will probably see further escalation, which will only worsen the growth problems and worry about the demand of the oil,” they said.
The scale of recent sale will be worried Opec+, which last week surprised the market with a larger than expected increase in delivery for May. If the downward pressure continues, the OPEC+ movement can be very short -lived. “We could see Opec+ break or even reverse supply increases,” they said.
April Natural Gasfutures acted at £ 316.30 on MCX during the first hour of trade on Tuesday against the previous £ 322.60 closure, by 1.95 percent.
On the National Commodities and Derivatives Exchange (NCDEX), Guargum contracts were traded at £ 10.193 in the first hour of trade on Tuesday against the previous closure of £ 10.101, an increase of 0.91 percent.
April Turmeric (Farmer Polished) Futures traded at £ 14,438 on NCDEX in the first hour of trade on Tuesday against the previous closure of £ 14,090, an increase of 2.47 percent.
Published on April 8, 2025
