August crude oil futures were trading at ₹5,502 on MCX during the initial hour of trading on Monday against the previous close of ₹5,600, down by 1.75%.
Crude oil futures edged higher on Monday morning as markets focussed on the upcoming meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy in Washington later in the day. The meeting follows Trump’s talks with Russian President Vladimir Putin on Friday.
At 9.25 am on Monday, October Brent oil futures were at $65.88, up by 0.05 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $62.09, up by 0.18 per cent. August crude oil futures were trading at ₹5,502 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5,600, down by 1.75 per cent, and September futures were trading at ₹5,450 against the previous close of ₹5,537, down by 1.57 per cent.
The proposed talk between Trump and Zelenskyy would also include other world leaders such as European Commission President Ursula von der Leyen, French President Emmanuel Macron, and NATO Secretary General Mark Rutte.
Warren Patterson, Head of Commodities Strategy of ING Think, said in the Commodities Daily for Monday that it’s unsurprising to see oil trading lower on Monday morning following the Trump-Putin summit in Alaska. While talks failed to secure a ceasefire, the tone and the absence of ‘severe consequences’ for the lack of a truce, reduce, or at least delay, the risks of stricter sanctions. In fact, following the meeting, Trump said he would hold off on secondary tariffs against China for its purchases of Russian oil, citing progress made over the weekend with Putin.
Patterson said the next focus for the market will be talks between Trump and Zelenskyy on Monday, along with a number of European leaders. Ultimately, Russia still wants Ukraine to cede territory, something Ukraine will be very hesitant to do, particularly without very strong security guarantees from the US and Europe.
He said that there’s been little progress regarding the secondary tariffs that the US imposed on India for its buying of Russian oil. These tariffs are set to come into effect on August 27, so there is still time for India to try to negotiate ways to avoid them.
“Ultimately, the reduced risk of tougher sanctions and secondary tariffs should allow bearish oil fundamentals to become the dominant driver for oil prices moving forward,” he said.
August natural gas futures were trading at ₹250 on MCX during the initial hour of trading on Monday against the previous close of ₹248.30, up by 0.68 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August guargum contracts were trading at ₹9,643 in the initial hour of trading on Monday against the previous close of ₹9,524, up by 1.25 per cent.
August turmeric (farmer polished) futures were trading at ₹12,400 on NCDEX in the initial hour of trading on Monday against the previous close of ₹12,674, down by 2.16 per cent.
Published on August 18, 2025
