Futures of crude oil were traded higher on Friday morning, because markets paid more attention to economic and delivery-related issues such as American trade rates and OPECs in July meeting than geopolitical issues such as tensions between Iran-Israel.
At 9.53 hours on Friday September, Brent Oil Futures amounted to $ 67.14, an increase of 0.67 percent, and Augustus crude oil Futures on WTI (West Texas Intermediate) was $ 65.66, an increase by 0.64 percent. July crude oil Futures were traded at £ 5,630 on Multi Commodity Exchange (MCX) during the first hour of trade on Friday against the previous £ 5,625 closure, an increase of 0.09 percent, and August Futures dealt with £ 5,531 against the previous closure of £ 5.528, an increase of 0.05.
Oil prices rose on Monday after the US bombarded nuclear locations in Iran. The prizes, however, fell after the American president Donald Trump had announced a ceasefire between Israel and Iran. The oil prices remained stable after the de-escalation of tensions between Israel and Iran. These events led to a price of $ 15 per barrel in a week.
In their raw materials food for Friday, Warren Patterson, head of the raw material strategy of ING Thinking, and Ewa Manthey, goods strategist, said that nuclear conversations between the US and Iran will resume next week. However, there are doubts about how successful these conversations will be.
Assuming it is striking -the fire between Israel and Iran, the market can focus on other drivers. The American secretary of Handard Lutnick said that the US and China have completed a trade agreement made in Geneva last month. He also expects trade agreements to be reached with 10 large trading partners soon. This is constructive for the market, in particular prior to the mutual tar loveadline of July 9, they said.
The other focus is what OPEC+ decides on production levels for August. The group will make a decision on July 6. “We believe that the group will continue to relax the delivery reductions and will announce a different delivery increase of 411,000 barrels per day before August. These supply increases must ensure that the oil market goes into a large surplus by the end of the year. This does not assume that we would not see any re-perch,” she said.
The Natural Gasfutures of July traded at £ 305.30 on MCX during the first hour of trade on Friday against the previous £ 300.90 closure, an increase of 1.46 percent.
On the National Commodities and Derivatives Exchange (NCDEX), August Turmeric (Farmer Polished) contracts were traded at £ 14250 in the first hour of trade on Friday against the previous £ 14000 closure, an increase of 1.79 percent.
July Cottonseed Oilcake Futures traded at £ 3,119 on NCDEX in the first hour of trade on Friday against the previous closure of £ 3,138, with 0.61 percent.
Published on June 27, 2025
#Raw #oil #prices #rise #markets #focus #economic #delivery #factors