Crude oil futures remained steady on Friday morning as uncertainty around US tariffs continued to impact the market.
At 9.59 am on Friday, May Brent oil futures were at $69.50, up by 0.06 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $66.35, down by 0.02 per cent.
March crude oil futures were trading at ₹5795 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5784, up by 0.19 per cent, and April futures were trading at ₹5790 against the previous close of ₹5780, up by 0.17 per cent.
The US President Donald Trump, on Thursday suspended the 25 per cent tariffs imposed on most goods imported from Canada and Mexico till April 2. However, tariffs on steel and aluminium will come into effect on March 12.
Meanwhile, a post on X by Dominic LeBlanc, Canada’s Finance and Intergovernmental Affairs Minister, said: “The United States has agreed to suspend tariffs on CUSMA-compliant exports from Canada until April 2nd. As a result, Canada will not proceed with the second wave of tariffs on $125B of US products until April 2nd, while we continue to work for the removal of all tariffs.”
The amended US order does not fully cover energy products from Canada. The energy products are under a separate 10 per cent tariff.
Quoting a White House official, a Reuters report said that not all energy products imported from Canada are covered under the US-Mexico-Canada Agreement on trade that Trump negotiated in his first term as president.
Market players feel that uncertainty over US tariff decisions is impacting the growth of the global economy. This in turn is impacting the demand for commodities such as crude oil.
March copper futures were trading at ₹887.15 on MCX during the initial hour of trading on Friday against the previous close of ₹890.85, down by 0.42 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April jeera contracts were trading at ₹20905 in the initial hour of trading on Friday against the previous close of ₹20970, down by 0.31 per cent.
April turmeric (farmer polished) futures were trading at ₹11874 on NCDEX in the initial hour of trading on Friday against the previous close of ₹11988, down by 0.95 per cent.