Refinery Bitumen (VG40) in Panipat

Crude oil prices dropped over 4% as limited Israeli action on Iran eased market fears of energy disruptions. With analysts predicting a surplus for 2025, crude prices are expected to remain under pressure.

Oil prices stabilized slightly after a significant drop last week, with both Brent and WTI showing marginal gains. India’s crude oil import bill rose by 12% in the first half of FY25, amid declining domestic production.

Brent crude futures were down $1.26, or 1.59%, at $77.78 per barrel by 0020 GMT, and U.S. West Texas Intermediate crude futures fell $1.20, or 1.59%, to $74.36 per barrel. MCX Crude oil prices opened at 6,288 with a fall of 1.19%.

Brent crude oil futures fell by 29 cents, or 0.4%, to $79.11 a barrel by 0430 GMT. U.S. West Texas Intermediate crude futures dropped 21 cents, or 0.3%, to $75.64 per barrel. GP Petroleums Limited (GPPL) has announced a strategic partnership with West Coast Oils (WCO), based in Vadodara, Gujarat, to establish a joint venture focused on the specialty and general bitumen sector.

Crude oil futures traded lower on Monday morning after witnessing their largest weekly gains last week due to escalating tensions in West Asia. December Brent oil futures were at $77.75, down by 0.38 percent, and November crude oil futures on WTI (West Texas Intermediate) were at $74.16, down by 0.30 percent.

A decline in overall exports was noticed in August due to decrease in crude oil prices. India majorly exports petroleum products to Netherlands, Singapore, Australia, and South Africa.

Brent crude futures for November rose 3 cents to $71.64 a barrel at 0402 GMT, while U.S. crude futures for October increased by 16 cents, or 0.2%, to $68.81 a barrel. Both contracts had settled lower in the previous session, as concerns over supply disruptions eased with the resumption of Gulf of Mexico crude production after Hurricane Francine.

Crude oil prices rose over 1% as traders paused following a recent selloff, while a potential hurricane in the Gulf of Mexico and halted Libyan oil exports contributed to market uncertainty. Despite a sharp drop in U.S. inventories, concerns over global oil demand and Libyan supply linger.

Brent crude futures fell 57 cents, or 0.7%, to $76.36 a barrel by 0108 GMT, while U.S. West Texas Intermediate (WTI) crude slipped 50 cents, or 0.7%, to $73.05 a barrel. MCX Crude oil prices opened at 6142 with a fall of 0.98%. These losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI.