Crude oil futures rose on Friday morning following Russia’s announcement of a ban on diesel exports until the end of the year. As of 9:57 AM, November Brent crude oil futures were priced at $69.56, reflecting a 0.20 percent increase, while November West Texas Intermediate (WTI) crude futures reached $65.23, up by 0.38 percent. In India, October crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹5,798, a gain of 0.43 percent from the previous close of ₹5,773. November futures also rose to ₹5,764, up by 0.49 percent from the previous close of ₹5,736.
According to a report by Reuters, Russian Deputy Prime Minister Alexander Novak stated that the country would impose a partial ban on diesel exports and extend an existing ban on gasoline exports until the end of the year. This decision follows recent drone attacks by Ukraine on Russian energy infrastructure, which have reportedly reduced the refining capacity of Russian refineries by nearly one-fifth on certain days. The decrease in refining capacity has consequently led to a reduction in crude oil output.
Russia is one of the world’s largest crude oil producers. In the U.S., a recent petroleum status report indicated a decline in crude oil inventories for the week ending September 19. The U.S. Energy Information Administration (EIA) reported a decrease of 0.6 million barrels in commercial crude oil inventories, bringing the total to 414.8 million barrels, which is approximately 4 percent below the five-year average for this time of year. Gasoline inventories also fell, decreasing by 1.1 million barrels and remaining 2 percent under the five-year average, while distillate fuel inventories dropped by 1.7 million barrels and were about 8 percent below the five-year average.
Over the past four weeks, total products supplied averaged 20.5 million barrels per day, reflecting a 0.9 percent increase compared to the same period last year. In related market activity, October natural gas futures on MCX traded at ₹285.90, an increase of 0.88 percent from the previous close of ₹283.40. On the National Commodities and Derivatives Exchange (NCDEX), October guarseed contracts fell to ₹4,936, a decline of 0.44 percent from ₹4,958. Meanwhile, December cottonseed oilcake futures rose slightly to ₹2,900 from ₹2,899, marking a 0.03 percent increase.
Published on September 26, 2025.
