Crude oil futures traded lower on Friday morning as markets expressed concerns about the impact of US tariffs on the global economy. The tariffs came into effect on Thursday.
At 9.58 am on Friday, October Brent oil futures were at $66.36, down by 0.11 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $63.79, down by 0.14 per cent. August crude oil futures were trading at ₹5,598 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,604, down by 0.11 per cent, and September futures were trading at ₹5,542 against the previous close of ₹5,547, down by 0.09 per cent.
US has imposed steep tariffs on imports from some of the major trading partners. Markets fear that these tariffs could impact the global economy. This, in turn, may affect the demand for commodities such as crude oil.
Some reports said that US President Donald Trump and Russian President Vladimir Putin are likely to meet in the coming days. A positive result from the proposed meeting could help ease concerns on oil supplies to the global market.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said ICE Brent settled almost 0.7 per cent lower on Thursday with hopes that Trump and Putin may meet soon, possibly as soon as next week. It’s still unclear if Ukrainian President Volodymyr Zelenskyy will take part.
“This is important because it could affect the secondary tariffs on India, depending on how discussions go,” they said. It is important to note that Trump’s deadline for a Russia-Ukraine peace deal expires on Friday, leaving open the risk that the US will still tighten sanctions against Russia, they said.
August natural gas futures were trading at ₹270.80 on MCX during the initial hour of trading on Friday against the previous close of ₹268.70, up by 0.78 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September dhaniya contracts were trading at ₹7,834 in the initial hour of trading on Friday against the previous close of ₹7,882, down by 0.61 per cent.
August jeera futures were trading at ₹18,850 on NCDEX in the initial hour of trading on Friday against the previous close of ₹18,915, down by 0.34 per cent.
Published on August 8, 2025
