Crude oil futures are facing their third consecutive weekly decline following US President Donald Trump’s renewed commitment to ramp up crude oil production in the US. Despite this, crude oil futures saw an uptick in trading on Friday morning.
As of 9:55 am on Friday, April Brent oil futures were at $74.54, up by 0.34 percent, while March crude oil futures on WTI (West Texas Intermediate) stood at $70.80, up by 0.27 percent.
On the Multi Commodity Exchange (MCX), February crude oil futures were trading at ₹6205 in the early hours of Friday, slightly down from the previous close of ₹6210, a decrease of 0.08 percent. Similarly, March futures were trading at ₹6206, a 0.06 percent decline from the previous close of ₹6210.
Trump’s declaration to boost crude oil production in the US aims to enhance energy independence and reduce the price of the commodity. This announcement comes as the US experiences a rise in crude oil inventory levels. The latest weekly petroleum status report from the US EIA revealed an 8.7 million barrel increase in US inventories for the week ending January 31, exceeding market expectations of a 2 million barrel increase.
In addition to crude oil futures, February zinc futures on MCX were trading at ₹271.35, up by 0.74 percent from the previous close of ₹269.35. Meanwhile, on the National Commodities and Derivatives Exchange (NCDEX), February castorseed contracts were trading at ₹6466, a 0.49 percent drop from the previous close of ₹6498. Additionally, April turmeric (farmer polished) futures on NCDEX were trading at ₹13578, a 0.19 percent increase from the previous close of ₹13552.
The article was first published on February 7, 2025.
