Crude oil futures traded higher on Monday morning following reports of a possible trade deal between the US and China.
At 9.59 am on Monday, January Brent oil futures were at $65.27, up by 0.11 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $61.59, up by 0.15 per cent. November crude oil futures were trading at ₹5,434 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5,427, up by 0.13 per cent, and December futures were trading at ₹5,413 against the previous close of ₹5,402, up by 0.20 per cent.
US Treasury Secretary Scott Bessent said on Sunday: “I think we have a very successful framework for the leaders to discuss on Thursday.” US President Donald Trump and Chinese President Xi Jinping are expected to meet on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea. Though Bessent announced that talks would be held between US and Chinese presidents, China is yet to confirm this. Bessent and US Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng and trade negotiator Li Chenggang on the sidelines of the ASEAN Summit in Kuala Lumpur on Sunday.
In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the market got boost from the improved tone in trade talks between the US and China. Over the weekend, indications were that the truce would be extended. US Treasury Secretary Scott Bessent said that the additional100 per cent tariff threat is ‘effectively off the table’, China is expected to delay export controls on rare earths, they said, adding, the announcement of these controls essentially triggered the latest escalation in trade tensions.
November natural gas futures were trading at ₹353.70 on MCX during the initial hour of trading on Monday against the previous close of ₹345.80, up by 2.28 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were trading at ₹19,685 in the initial hour of trading on Monday against the previous close of ₹19,515, up by 0.87 per cent.
December cottonseed oilcake futures were trading at ₹2,892 on NCDEX in the initial hour of trading on Monday against the previous close of ₹2,870, up by 0.77 per cent.
Published on October 27, 2025