Light Diesel Oil (Pyrolysis Grade) in Meerut

Oil prices saw a decline as global production forecasts rose amid slowing demand growth. OPEC recently lowered its global oil demand outlook due to reduced consumption in Asia, particularly China. Market sentiment remains cautious as participants await the International Energy Agency’s report for additional insights.

Oil markets experienced volatility amid post-election impacts, with prices boosted by potential policy shifts under a Trump presidency, Gulf hurricane supply disruptions, and a strong dollar. Brent and WTI prices rose as traders weighed these influences against OPEC’s anticipated supply increase in January.

Oil prices edged higher as U.S. crude inventories rose more than expected. Brent and WTI futures saw gains of 0.59% and 0.64%, respectively. However, market uncertainty still continues amid fluctuating imports and geopolitical risks.

Crude oil futures traded lower as U.S. crude inventories rose by 1.64 million barrels, surpassing market expectations. Brent oil dropped to $75.94 and WTI to $71.64. While demand is forecasted to grow by 1.2 million barrels per day in 2025, economic concerns in China and North America pose downside risks to oil prices.

Crude oil futures traded higher on Thursday morning as an industry report showed a decrease in U.S. inventories for the week ending October 11. December Brent oil futures were at $74.37, up by 0.20%. November WTI (West Texas Intermediate) crude oil futures stood at $70.59, up by 0.28%. On the Multi Commodity Exchange (MCX), October crude oil futures were trading at ₹5,933, rising 0.17% from the previous close of ₹5,923. November MCX futures were at ₹5,910, increasing by 0.14% from the last close of ₹5,902.

Oil prices ticked higher in early trade on Thursday as investors weighed the escalating conflict in the Middle East and the potential for disruptions to crude flows against an amply supplied global market. Brent crude futures increased by 64 cents, or 0.87%, to $74.54 a barrel as of 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 72 cents, or 1.03%, to $70.82 a barrel. MCX Crude Oil prices opened at 5991 with a gain of 0.94%.

Oil prices rose by more than 1% on Thursday, spurred by concerns of Hurricane Francine impacting output in the U.S., the world's biggest crude producer, though worries of lower demand capped gains. Brent crude futures for November were up $1, or 1.4% at $71.61 a barrel at 0632 GMT. U.S. crude futures for October were up 92 cents, or 1.4%, at $68.23 a barrel.

Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, while U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37. MCX crude oil prices opened at 5829 with a gain of 0.33%.

Brent crude futures were down 1 cent, or 0.01%, at $78.64 a barrel at 0043 GMT, while U.S. West Texas Intermediate crude futures were up 8 cents, or 0.1%, to $74.60. MCX crude oil prices opened at 6,270, reflecting a 0.29% decline.