Crude oil futures traded lower on Tuesday morning as markets assessed the prospects of additional US tariffs on Russia.
At 9.58 am on Tuesday, November Brent oil futures were at $67.92, down by 0.44 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $64.48, down by 0.49 per cent. September crude oil futures were trading at ₹5,674 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,698, down by 0.42 per cent, and October futures were trading at ₹5,649 against the previous close of ₹5,674, down by 0.44 per cent.
Last week, US President Donald Trump threatened to impose additional sanctions on Russia if no progress is made in peace talks with Ukraine within two weeks.
Referring to this, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, had said in their Commodities Feed for Monday that the market may be reluctant to read too much into this latest threat, given the lack of action taken by the US administration against Russia following the Trump-Putin summit.
Crude oil futures had gained more than 2 per cent on Monday after the reports of an attack on a nuclear site in Russia.
As expected, US has notified additional 25 per cent tariff on India from August 27. ING Think’s Commodities Feed had stated on Monday that if India continues to buy Russian oil despite the 25 per cent secondary tariff, it does little to change the market outlook. It only confirms the bearish outlook for oil prices.
September natural gas futures were trading at ₹246.40 on MCX during the initial hour of trading on Tuesday against the previous close of ₹244.30, up by 0.86 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹13,282 in the initial hour of trading on Tuesday against the previous close of ₹13,374, down by 0.69 per cent.
September jeera futures were trading at ₹19,600 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹19,685, down by 0.43 per cent.
Published on August 26, 2025
