Crude oil futures saw an uptick in trading on Monday morning following the release of better-than-expected data from China. May Brent oil futures were up by 0.74 per cent at $71.10, while May WTI crude oil futures stood at $67.40, up by 0.73 per cent. On the Multi Commodity Exchange (MCX), March crude oil futures were trading at ₹5879, a 0.67 per cent increase from the previous close, and April futures were at ₹5882, up by 0.70 per cent.
China’s National Bureau of Statistics reported a 5.9 per cent growth in industrial production for January-February 2025, surpassing market expectations. Retail sales also exceeded forecasts, with a 4 per cent increase during the same period. China unveiled plans to boost consumption through various initiatives aimed at stabilizing markets and increasing wages.
The positive data from China, a major consumer of crude oil, fueled optimism in the market. Additionally, military operations against the Houthis by the US supported crude oil prices. The US airstrikes targeting the Houthis, who have been disrupting the Red Sea region, have the potential to impact global crude oil movement significantly.
March month oil futures on MCX were trading at ₹951, down by 0.70 per cent from the previous close. On the National Commodities and Derivatives Exchange (NCDEX), April turmeric contracts were trading higher at ₹11890, while March castor seed futures were down at ₹6082 in the initial hours of trading on Monday.
The news article was originally published on March 17, 2025.
