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Commodity Mid Session News

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(24 Mar 2025, 13:50)

Oil hovers near $68 as Russia talks and OPEC+ moves weigh

Crude oil futures traded around $68 per barrel on Monday as markets assessed the impact of potential increased Russian supply amid ongoing peace talks. US officials are set to meet Russian counterparts after Sunday’s discussions with Ukraine, aiming for a Black Sea ceasefire. Meanwhile, investors await clarity on OPEC+ output trends after the group scheduled new cuts for seven nations, which may counter upcoming production hikes. US sanctions on Iran and President Trump’s reciprocal tariffs, set to take effect on April 2, added to market uncertainty. MCX April oil futures traded marginally lower at Rs 5891 per barrel.
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