Crude oil futures saw an increase in trading on Monday morning following the announcement from US President Donald Trump regarding tariffs on steel and aluminium imports to the US. At 9.56 am on Monday, April Brent oil futures were up by 0.68% at $75.17, while March crude oil futures on WTI were up by 0.61% at $71.43.
On the Multi Commodity Exchange (MCX), February crude oil futures were trading at ₹6,283, up by 0.74%, and March futures were at ₹6,280, up by 0.69%. Trump’s decision to impose tariffs on these imports is expected to impact the oil industry’s infrastructure as these metals are essential for pipelines, storage tanks, and other structures.
In addition, China released inflation data for January, showing an increase in the annual inflation rate to 0.5% from 0.1% in December. However, the producer price index declined by 2.3% year-on-year in January, which may affect the demand for commodities like crude oil. China is a key consumer of crude oil globally.
February natural gas futures on MCX were up by 2.14% at ₹301.30, while February guargum contracts on NCDEX saw a 0.47% increase trading at ₹10,020. March jeera futures on NCDEX were down by 0.84% trading at ₹20,135.
Overall, the impact of Trump’s tariffs on steel and aluminium imports and China’s economic data will likely continue to influence the commodities market in the upcoming days.
