Crude oil futures traded lower on Friday morning as markets anticipated an increase in production output by OPEC+ (Organisation of the Petroleum Exporting Countries and allies) in August.
At 9.56 am on Friday, September Brent oil futures were at $68.58, down by 0.32 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $66.88, down by 0.18 per cent. July crude oil futures were trading at ₹5719 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,724, down by 0.09 per cent, and August futures were trading at ₹5,622 against the previous close of ₹5,628, down by 0.11 per cent.
OPEC+, which will be meeting on July 9, is expected to increase production output by another 4,11,000 barrels per day in August. Any increase in production output would ease crude oil supply concerns.
The recent trade agreement between US and Vietnam provided some support to the crude oil prices. However, uncertainty continued on US trade tariffs with different countries as many major economies are yet to sign the deal. It is to be noted that July 9 is the deadline for securing a trade deal.
On Thursday, US imposed sanctions on some companies and ships that smuggle Iranian oil disguised as Iraqi oil. Market reports said this move is aimed at limiting Iran’s oil revenues. This move is also seen as a pressure tactic to limit nuclear activities by Iran.
July copper futures were trading at ₹896.70 on MCX during the initial hour of trading on Friday against the previous close of ₹898.85, down by 0.24 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July guargum contracts were trading at ₹9870 in the initial hour of trading on Friday against the previous close of ₹9775, up by 0.97 per cent.
August turmeric (farmer polished) futures were trading at ₹13,520 on NCDEX in the initial hour of trading on Friday against the previous close of ₹13,598, down by 0.57 per cent.
Published on July 4, 2025
