Crude oil futures edged lower on Monday morning as speculation mounts regarding a potential production increase from OPEC+, who are scheduled to meet on October 5.
As of 9:56 AM, December Brent oil futures were pegged at $68.85, reflecting a decrease of 0.53 percent. Meanwhile, November West Texas Intermediate (WTI) futures were priced at $65.30, down by 0.64 percent. In India, October crude oil futures were trading at ₹5,804 on the Multi Commodity Exchange (MCX), a drop of 0.50 percent from the previous close of ₹5,833. November futures saw a decline as well, trading at ₹5,765 compared to a previous close of ₹5,786, down 0.36 percent.
According to a report by Reuters, which cited three unnamed sources, OPEC+ is anticipated to approve an oil production increase of at least 137,000 barrels per day during their upcoming meeting. This decision aims to bolster the group’s market share following earlier cuts made in 2023 and 2024.
In a significant development, crude oil exports from Iraq’s Kurdistan region resumed over the weekend after a cessation lasting two and a half years. An agreement among Iraq, the Kurdistan Regional Government, and associated oil companies will facilitate the supply of around 180,000 barrels per day from Kurdistan to the Ceyhan port in Türkiye, with prospects for future increases to approximately 230,000 barrels per day.
On the MCX, October natural gas futures were trading at ₹280.70, down 0.85 percent from a previous close of ₹283.10. On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts climbed to ₹12,460, up 1.19 percent from the prior close of ₹12,314. Conversely, October guarseed futures fell to ₹4,916 on NCDEX, representing a decrease of 0.34 percent from the previous close of ₹4,933.
Published on September 29, 2025.
