At 10.00 am on Friday July, Brent Oil Futures was $ 64.66, an increase of 0.20%, and June crude oil Futures on WTI (West Texas Intermediate) was $ 61.74, an increase by 0.19% | Photocredit: Dado Ruvic
Futures of crude oil were traded higher on Friday morning, despite concern about the oversupply of a likely nuclear deal between the US and Iran.
At 10.00 am on Friday July, Brent Oil Futures was $ 64.66, an increase of 0.20 percent, and June crude oil -futures on WTI (West Texas Intermediate) was $ 61.74, an increase of 0.19 percent. May crude oil -futures were traded at £ 5,286 on Multi Commodity Exchange (MCX) during the first hour of trade on Friday against the previous £ 5,271 closure, an increase of 0.28 percent, and the Futures of June were traded against £ 5.254, a rise of £ 5,257, a rise.
On Thursday, US President Donald Trump said that the US was “getting closer” to reach a nuclear deal with Iran. He also stated that Iran was “kind of” agreed to the American conditions. Quoting a source that is familiar with the conversations, one Reuters Report said there were still gaps to bridge.
In their raw materials food for Friday, Warren Patterson, head of the raw material strategy of ING Thinking, and Ewa Manthey, the strategist of the raw materials, said that the oil market was finished on Thursday after comments from Trump that the US and Iran came closer to a nuclear deal. A nuclear deal that lifts sanctions will of course remove much of the delivery risk that has been hanging over the market for some time. Moreover, it would enable Iran to increase oil production with more willing buyers for its oil. This can lead to an additional range near 400,000 barrels per day, they said.
ING Think’s Commodities Feed said there are many concerns about the demand for views for the market. This was clear in the monthly Oil report report from IEA (International Energy Agency) that was released on Thursday.
The monthly oil market report from IEA said that the world oil supply seems to be on the right track to increase by 1.6 million barrels per day to 104.6 million barrels per day in 2025, and with another 970,000 barrels per day in 2026. Non-Opec+ producers will add 1.3 million barrels per day this year and 820,000 barrels. Based on the latest plans, the organization of the Petroleum -Expanding countries and allies, known as OPEC+, this year will add 310,000 barrels per day extra supply and 150,000 barrels per day in 2026.
The IEA report said that the global growth of the oil demand is expected to slow down 990,000 barrels per day in the first quarter of 2025 to 650,000 barrels per day for the rest of the year as an economic headwind and the use of EV -sales sidewalk. The demand growth is on average 740,000 barrels per day in 2025 and 760,000 barrels per day in 2026, it said.
May Natural Gas Futures traded at £ 288.20 on MCX during the first hour of trade on Friday against the previous closure of £ 292.10, by 1.34 percent.
On the National Commodities and Derivatives Exchange (NCDEX), Dhaniya contracts were traded in June at £ 7100 in the first hour of trade on Friday against the previous £ 7066 closure, an increase of 0.48 percent.
Jeera Futures in June acted at £ 21730 on NCDEX in the first hour of trade on Friday against the previous £ 21830 closure, with 0.46 percent.
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Published on May 16, 2025
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