Crude oil futures traded higher on Friday morning despite US President Donald Trump signing executive orders imposing tariffs on several major trading partners.
At 9.55 am on Friday, October Brent oil futures were at $71.93, up by 0.32 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $69.48, up by 0.32 per cent. August crude oil futures were trading at ₹6075 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6,052, up by 0.38 per cent, and September futures were trading at ₹5,998 against the previous close of ₹5,973, up by 0.42 per cent.
Market reports noted that Trump’s threats to impose 100 per cent secondary tariffs on Russian crude buyers could impact supplies to the world market. This could lead to the removal of some oil from the market.
A Reuters report, which quoted sources, said that some Indian refiners have stopped their oil purchases from Russia. It attributed reasons such as reduced discounts on Russian oil and Trump’s threats to impose 100 per cent tariffs on countries importing oil from Russia for this move. The report also said that some India refiners have started buying crude from West Asia and West Africa.
On Thursday, Trump signed an executive order imposing tariffs ranging from 10 per cent to 41 per cent on US imports from different countries. Markets fear that tariffs could impact global economic growth. This, in turn, may impact the demand for commodities such as crude oil.
August menthaoil futures were trading at ₹928 on MCX during the initial hour of trading on Friday against the previous close of ₹926, up by 0.22 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August cottonseed oilcake contracts were trading at ₹3,251 in the initial hour of trading on Friday against the previous close of ₹3,237, up by 0.43 per cent.
August jeera futures were trading at ₹18,900 on NCDEX in the initial hour of trading on Friday against the previous close of ₹18,990, down by 0.47 per cent.
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Published on August 1, 2025