Crude oil futures traded lower on Tuesday morning after US President Donald Trump said the US was engaged in ‘good talks’ with Iran to end the conflict in West Asia.
At 9.32 am on Tuesday, October Brent oil futures were at $84.85, down by 1.19 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $81.55, down by 1.28 per cent. August crude oil futures were trading at ₹7,824 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹7,957, down by 1.67 per cent, and September futures were trading at ₹7,657 against the previous close of ₹7,743, down by 1.11 per cent.
Quoting Trump, a Reuters report said: “We’re having good talks. I think there’s a good chance that something could happen, and if it does, good, if it doesn’t, we go back to doing what we were doing two days ago.”
Speaking at a campaign rally in Michigan on Monday, he said: “You can’t bribe them (Iran). You’ve got to beat them, and we’ll beat the hell out of them. But we’ll see how it turns out. Right now, there are very friendly negotiations going on.”
A media statement by the Caspian Pipeline Consortium (CPC) said that it resumed oil lifting on July 27 at the Marine Terminal with two tankers berthed at single point moorings. CPC facilities are operating in a standard mode. Further loading operations at the Marine Terminal will be carried out subject to emerging circumstances and tanker positions confirmed by shippers, it said.
