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Commodity Mid Session News

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(24 Apr 2025, 12:18)

Oil holds near $62 as OPEC+ eyes more output, trade hopes stay in focus

Crude oil hovered around $62 per barrel in Asia electronic trades on Thursday after sliding over 2% yesterday. Oil is up more than 13% since hitting the low of $55.12 per barrel on 9th April. On the domestic front, MCX May delivery futures traded near day’s high of Rs 5380 per barrel, up Rs 71. Investors weighed the likelihood of OPEC+ members proposing a second straight month of increased production in June. Kazakhstan, a key ally, said it will not cut output from major fields and will prioritize national interests. Hopes of easing US-China tensions lifted sentiment, with reports hinting at a possible 50 percent cut in tariffs to aid talks. However, the White House clarified that no unilateral tariff reductions are planned. Meanwhile, fresh US sanctions on Iran's energy sector may complicate efforts to revive nuclear talks and restore oil supply.
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