Mumbai, April 11 -- Crude oil futures hovered near $61 per barrel on Friday, however is on track for second weekly drop as rising US-China tensions sparked demand concerns. The latest US tariff hike on Chinese imports - now totaling 145% - overshadowed Trump's tariff pause for other nations. With China being the top oil importer, fears of lower demand grew. The EIA also slashed its global oil demand forecasts for 2025 and 2026, deepening bearish sentiment. OPEC+'s move to speed up production increases raised oversupply worries, while fresh US sanctions on Iranian oil networks and the shutdown of the Keystone pipeline added to market volatility. MCX crude oil April contract traded firm at Rs.5257, up Rs.88 from the previous close.
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