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Commodity News Details
MCX crude jumps 2%; International oil up 3% on trade optimism
12-May-2025 13:12
Crude oil futures climbed toward $62 per barrel, reaching a near two-week high as optimism around US-China trade talks improved demand sentiment. MCX May futures surged over 2% to ₹5332 per barrel. Positive remarks from US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, echoed by Chinese officials, supported the bullish tone. However, the rally was kept in check by OPEC+ plans to increase output in May and June. Adding further pressure, US-Iran nuclear negotiations concluded in Oman, with more rounds expected as Tehran reaffirmed its uranium enrichment efforts. The potential return of Iranian barrels could ease supply tightness, tempering oil's upward momentum.

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