Crude oil futures traded higher on Tuesday morning as the market was awaiting the outcome of the US-China trade talks.
At 9.30 am on Tuesday, August Brent oil futures were at $67.21, up by 0.25 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $65.40, up by 0.17 per cent. June crude oil futures were trading at ₹5599 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,565, up by 0.61 per cent, and July futures were trading at ₹5,530 against the previous close of ₹5,500, up by 0.55 per cent.
On Monday, negotiators from the US and China began trade talks in London. They are likely to discuss issues related to tariff rollbacks, export controls, and other bilateral trade issues.
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices firmed on Monday, a trend that continued in early morning trading on Tuesday.
“Trade talks between the US and China appear to be progressing, with discussions set to continue today. The US also appears willing to ease some tech export restrictions in return for China easing limits on rare earth exports. This is providing some support to the market,” they said.
Meanwhile, nuclear talks between Iran and the US don’t appear to be progressing, providing some tailwinds for prices. Iran is not willing to compromise on its right to enrich uranium, something the US won’t accept, they said.
ING Think’s Commodities Feed said that Chinese crude oil imports were relatively weak in May, coming in at around 11 million barrels a day, down 5.7 per cent month-on-month and 0.8 per cent lower year-on-year. Weaker imports were partly driven by refinery maintenance; May is generally the peak for such maintenance. However, cumulative imports for the year are still up 0.3 per cent year-on-year, it said.
June zinc futures were trading at ₹251.60 on MCX during the initial hour of trading on Tuesday against the previous close of ₹252.40, down by 0.32 per cent.
Published on June 10, 2025