Escalating trade-related tensions between the US and China had earlier impacted the crude oil markets. 

Crude oil futures traded higher on Friday morning as the market awaited the start of a US-China meeting on May 10 to discuss trade-related issues.

At 9.58 am on Friday, July Brent oil futures were at $63.10, up by 0.41 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $60.16, up by 0.42 per cent. May crude oil futures were trading at ₹5,179 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5163, up by 0.31 per cent, and June futures were trading at ₹5,164 against the previous close of ₹5,152, up by 0.23 per cent.

The US Treasury Secretary Scott Bessent and the economic official Vice Premier of China He Lifeng will meet in Switzerland on May 10 to resolve issues related to trade tariffs between the two nations.

Escalating trade-related tensions between these two economies had impacted the crude oil markets. Both the US and China are major consumers of the commodity in the global market. Market players feel that that the outcome of the proposed meeting between the US and China could help improve the demand for crude oil.

Added to this, the announcement of a trade deal between the US and the UK also helped boost the sentiments. On Thursday, the US President Donald Trump and the British Prime Minister Keir Starmer announced a limited bilateral trade agreement.

Meanwhile, the latest crude oil inventory levels in the US also supported the crude oil prices.

According to the weekly petroleum status report of the US EIA (Energy Information Administration), the US commercial crude oil inventories decreased by 2 million barrels for the week ending May 7. At 438.4 million barrels, US crude oil inventories were about 7 per cent below the five-year average for this time of year.

Total motor gasoline inventories increased by 0.2 million barrels from last week and were about 3 per cent below the five-year average for this time of year.

May natural gas futures were trading at ₹312.30 on MCX during the initial hour of trading on Friday against the previous close of ₹306.80, up by 1.79 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), May jeera contracts were trading at ₹2,1115 in the initial hour of trading on Friday against the previous close of ₹21,290, down by 0.82 per cent.

May guargum futures were trading at ₹9,176 on NCDEX in the initial hour of trading on Friday against the previous close of ₹9,246, down by 0.76 per cent.

Published on May 9, 2025