Crude oil futures traded marginally higher on Tuesday morning following reports of a possible meeting between the US and Chinese Presidents later this month.
At 9.55 am on Tuesday, December Brent oil futures were at $63.36, up by 0.06 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $59.52, up by 0.05 per cent. October crude oil futures were trading at ₹5,290 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday, against the previous close of ₹5,303, down by 0.25 per cent, and November futures were trading at ₹5,278, against the previous close of ₹5,291, down by 0.25 per cent.
On Monday, US Treasury Secretary Scott Bessent said US President Donald Trump remains committed to meeting Chinese President Xi Jinping in South Korea later this month. Stating that there were substantial communications between the two nations over the weekend, he said more meetings are expected. Both the US and China are now trying to de-escalate tensions over trade tariffs and export controls.
Meanwhile, OPEC (Organization of the Petroleum Exporting Countries) released its monthly oil market report on Monday. According to the report, global oil demand growth for 2025 is forecast at about 1.3 million barrels a day, y-o-y, unchanged from last month’s assessment. OECD oil demand is forecast to grow by about 0.1 million barrels a day, y-o-y, mostly in OECD Americas.
In the non-OECD, oil demand is forecast to grow by about 1.2 million barrels a day, y-o-y, driven largely by Other Asia, China, and India, with all other regions showing healthy growth as well.
The forecast for global oil demand growth in 2026 also remains unchanged from last month’s assessment at a healthy million barrels a day, y-o-y. The OECD is expected to grow by around 0.1 million barrels a day, y-o-y, with OECD Americas expected to lead oil demand growth in the region. In the non-OECD, oil demand is forecast to grow by around 1.2 million barrels a day, led by Other Asia, followed by India and China.
October natural gas futures were trading at ₹273.40 on MCX during the initial hour of trading on Tuesday, against the previous close of ₹276.50, down by 1.12 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹13,366 in the initial hour of trading on Tuesday, against the previous close of ₹12,852, up by 4 per cent.
October guargum futures were trading at ₹9,300 on NCDEX in the initial hour of trading on Tuesday, against the previous close of ₹9,144, up by 1.71 per cent.
Published on October 14, 2025