Sephan Rubber Process Oil (Aromatic (Barrels)) in Mundra

Global oil prices dropped as Brent and WTI futures fell 0.9% each amid weak demand and a stronger US dollar. Nigeria boosted crude production to 1.8 mbpd, targeting 2 mbpd by late 2024. Suriname’s oil development progressed with a major investment in Block 58.

Global crude oil prices, including Basrah Heavy and Medium, Brent, and WTI, saw declines last week amid mounting Middle East tensions. Petroleum demand faced uncertainty, with sluggish growth in China and record-high U.S. crude production. OPEC+ remains committed to production compliance, as Russia and Kazakhstan pledge adherence.

Crude oil prices increased as bets intensified amidst Middle Eastern tensions, affecting global supply chains and oil market stability, including Indian companies. While Indian Oil Corporation is focused on expanding refining and petrochemical capacities to support long-term growth, analysts foresee potential crude price pressure next year due to ample supply and weak demand.

Crude oil prices on Friday climbed Rs68 to Rs5,945 per barrel in futures trade as participants widened their positions following a firm spot demand. On the Multi Commodity Exchange, crude oil for November delivery traded higher Rs68 or 1.16 per cent at Rs5,945 per barrel in 12,765 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude was trading marginally higher at $70.68 per barrel, while Brent crude was trading flat at $74.45 per barrel in New York.

Brent crude futures rose by 9 cents, or 0.12%, to $77.71 a barrel as of 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures increased by 8 cents, or 0.11%, to $73.79 a barrel. MCX crude oil prices opened at Rs. 6192 with a gain of 0.50%.

Brent crude futures were up 9 cents, or 0.12%, to $77.71 a barrel as of 0010 GMT—the US. West Texas Intermediate crude futures were up 8 cents, or 0.11%, to $73.79 a barrel. MCX Crude oil prices opened at 6192 with a gain of 0.50%.

Oil prices rose on Friday, with Brent crude futures increasing by 38 cents (0.53%) to $71.89 per barrel and U.S. West Texas Intermediate (WTI) futures climbing by 51 cents (0.75%) to settle at $68.18 per barrel. However, on a weekly basis, Brent saw a decline of approximately 3%, while WTI experienced a larger drop of around 5%.

Brent crude hit its lowest level in nearly a year and a half, driven by concerns over the global economy, despite a decision by some oil-exporting countries in the OPEC+ alliance to delay production increases. Energy prices dropped significantly on Friday evening, with Brent crude falling to USD 71.07 per barrel, down 2.23 percent. West Texas Intermediate (WTI) crude decreased by 2.26 percent, reaching USD 67.59 per barrel.

Brent crude futures for October delivery, which expire on Friday, were up 23 cents, or 0.3%, at $80.17 a barrel by 0410 GMT. The more actively traded November contract rose 20 cents, or 0.2%, to $79.02. U.S. West Texas Intermediate crude futures gained 18 cents, or 0.2%, to $76.09. MCX crude oil prices opened at 6,400 with a gain of 0.60%.