Crude oil futures traded higher on Thursday morning ahead of a meeting between the US and Russian Presidents scheduled for Friday.
At 9.56 am on Thursday, October Brent oil futures were at $65.89, up by 0.40 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $62.87, up by 0.35 per cent. August crude oil futures were trading at ₹5,497 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5,476, up by 0.38 per cent, and September futures were trading at ₹5,454 against the previous close of ₹5,434, up by 0.37 per cent.
US President Donald Trump and Russian President Vladimir Putin would meet in Alaska on Friday to discuss the Russia-Ukraine conflict. Meanwhile, Trump has threatened Russia with ‘very serious consequences’, if Russia refuses to end the war with Ukraine.
Though Trump did not specify what steps would be taken if Russia refuses to end the Ukraine war, he has previously threatened economic sanctions on Russian oil.
On Trump’s threats, Warren Patterson, Head of Commodities Strategy of ING Think, said in Thursday’s Commodities Feed that there’s upside risk for the market if little progress is made in the talks. This could have Trump extending secondary tariffs on other buyers of Russian energy. The expected oil surplus through the latter part of this year and 2026, combined with OPEC spare capacity, means that the market should be able to manage the impact of secondary tariffs on India. “But things become more difficult, if we see secondary tariffs on other key buyers of Russian crude oil, including China and Türkiye,” he said.
On the latest monthly oil market report by the International Energy Agency (IEA), he said the report was largely bearish, with the agency expecting large inventory builds towards the end of this year and through 2026. The IEA forecasts that global oil demand will grow by 6,80,000 barrels per day this year and 7,00,000 barrels per day in 2026. Global oil supply is forecast to grow by 2.5 million barrels per day in 2025 and 1.9 million barrels per day in 2026.
Supply expectations were revised higher because of the unwinding of cuts seen from OPEC+. The IEA numbers paint a bearish picture, but the agency also highlighted potential risks around Russian and Iranian supply due to the possibility of additional sanctions, he said.
On weekly petroleum status report by the US EIA (Energy Information Administration), Patterson said the report was also moderately bearish, with US crude oil inventories increasing by 3.04 million barrels for the week ending August 8, more than the 1.5 million barrel build the American Petroleum Institute (API) reported the previous day. The increase was driven by stronger imports, which grew by 958,000 barrels per day week on week.
August mentha oil futures were trading at ₹1,007.40 on MCX during the initial hour of trading on Thursday against the previous close of ₹985.20, up by 2.25 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August castor seed contracts were trading at ₹6,561 in the initial hour of trading on Thursday against the previous close of ₹6,538, up by 0.35 per cent.
October turmeric (farmer polished) futures were trading at ₹13,400 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹13,486, down by 0.64 per cent.
Published on August 14, 2025