Crude oil futures traded lower on Friday morning as markets expected that US sanctions on Russian oil would have less impact than previously anticipated.
At 9.59 am on Friday, January Brent oil futures were at $63.97, down by 0.62 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $60.16, down by 0.68 per cent. November crude oil futures were trading at ₹5346 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5391, down by 0.83 per cent, and December futures were trading at ₹5335 against the previous close of ₹5379, down by 0.82 per cent.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the oil market is on track to settle lower this week as market participants digest the implications of US sanctions on Russian oil flows.
“Clearly, the price action suggests that the market is not convinced that we will lose a significant amount of Russian oil supply. Yesterday’s meeting between President Trump and President Xi only served to strengthen this conviction, with Russian oil flows to China apparently not part of broader talks between the two leaders. This is important for the market given that China imports around 2 million barrels a day of Russian oil. It’s the only buyer that could meaningfully increase its purchases if India reduced its imports of Russian crude,” they said.
Referring to Sunday’s OPEC+ (Organization of Petroleum Exporting Countries and allies) meeting, they said it appears likely that the group will agree to another 137,000 barrels a day supply increase for December. The uncertainty surrounding sanctions on Russia also supports this increase. However, the move will only reinforce the bearish outlook for the market, adding to the substantial surplus expected through 2026. Obviously, this is assuming no supply shocks from Russia, they added.
November natural gas futures were trading at ₹360.40 on MCX during the initial hour of trading on Friday against the previous close of ₹348.60, up by 3.38 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November castorseed contracts were trading at ₹6815 in the initial hour of trading on Friday against the previous close of ₹6803, up by 0.18 per cent.
November guargum futures were trading at ₹8615 on NCDEX in the initial hour of trading on Friday against the previous close of ₹8649, down by 0.39 per cent.
Published on October 31, 2025