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Commodity News Details
Oil extends gains above $60 on trade deal hopes
09-May-2025 12:52
Crude oil futures rallied to around $60 per barrel in Asian electronic trading on Friday, buoyed by rising optimism over upcoming US-China trade talks. Hopes of easing trade tensions between the world's top oil consumers lifted market sentiment, further supported by news of a fresh US-UK trade agreement. Although OPEC+ plans to raise output capped the upside, April data revealed a drop in OPEC production due to declines in Libya, Venezuela, and Iraq. The upbeat global cues spilled over into domestic markets, with MCX crude futures inching up ₹7 to ₹5170 per barrel. Traders now eye the weekend talks for further direction. Meanwhile, the US EIA's May outlook projects Brent prices will decline through 2025 and 2026 as supply outpaces demand. Brent averaged $68 in April, down $5 from March, with the agency forecasting $62 in H2 2025 and $59 in 2026'both sharply below last month's estimates.

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