Crude oil futures were trading lower on Tuesday morning amid concerns about a global economic slowdown stemming from US tariffs on other countries. As of 9:57 am, May Brent oil futures stood at $69.25, a decrease of 0.04%, while April WTI crude oil futures were at $65.93, down by 0.15%.
On the Multi Commodity Exchange (MCX), March crude oil futures were trading at ₹5766, a 0.21% drop from the previous close, and April futures were at ₹5768, a 0.14% decrease.
The recent imposition of tariffs by US President Donald Trump on Canada and Mexico, and subsequent retaliation by China following a 20% tariff decision by Trump, have sparked fears of a potential global economic slowdown. China, a major consumer of crude oil, has been experiencing weak economic growth, as evidenced by recent inflation data showing deflationary trends.
Russian Deputy Prime Minister Alexander Novak recently mentioned that OPEC+ could reconsider its decision to increase production output in the face of market imbalances. OPEC+ had announced an increase in production output starting from April.
March natural gas futures on MCX were trading at ₹388.70, a 1.40% decrease from the previous close. Meanwhile, on the National Commodities and Derivatives Exchange (NCDEX), April jeera contracts were trading at ₹20650, up by 0.19%, while April turmeric (farmer polished) futures were at ₹11314, down by 0.61%.
Overall, these developments in the crude oil market reflect concerns about a global economic slowdown and the potential impact on demand for commodities like crude oil.
