Crude oil futures showed little movement on Friday morning following an announcement by US President Donald Trump regarding a planned meeting with Russian President Vladimir Putin to discuss the ongoing Russia-Ukraine conflict.
As of 9:56 am on Friday, December Brent oil futures stood at $61.03, a decrease of 0.05 percent, while November crude oil futures for West Texas Intermediate (WTI) were priced at $57.45, down by 0.02 percent. In the Indian market, October crude oil futures on the Multi Commodity Exchange (MCX) were trading at ₹5056, down 0.20 percent from the previous close of ₹5066, and November futures were at ₹5028, down 0.40 percent from last close of ₹5048.
In a post on the social media platform Truth Social, Trump indicated that he had a productive telephone conversation with Putin, leading to an agreement for a meeting among high-level advisors next week. The US delegation is set to be led by Secretary of State Marco Rubio, with additional members to be announced later. The two leaders are expected to meet in Budapest, Hungary, to discuss the possibility of concluding the “inglorious” war between Russia and Ukraine. Trump also mentioned a meeting with Ukrainian President Volodymyr Zelenskyy scheduled for the following day at the Oval Office to address his discussion with Putin and other matters. He expressed optimism about the progress achieved in the conversation.
Market analysts contend that a favorable development from the proposed meeting could facilitate a relaxation of restrictions on Russian oil exports, potentially increasing supply in the global market.
In a separate communication on Truth Social, Trump commented on the situation in Gaza, stating, “If Hamas continues to kill people in Gaza, which was not the Deal, we will have no choice but to go in and kill them.”
Moreover, the US Energy Information Administration (EIA) released its weekly petroleum status report, indicating a rise in crude oil inventories for the week ending October 10. The report showed an increase of 3.5 million barrels in US commercial crude oil inventories, while total motor gasoline inventories decreased by 0.3 million barrels and distillate fuel inventories saw a decline of 4.5 million barrels.
Over the last four weeks, the average daily supply of total products in the US was 20.7 million barrels, reflecting a decrease of 0.5 percent compared to the same period last year. During the same span, motor gasoline product supply averaged 8.7 million barrels daily, down by 3.2 percent from the previous year. Distillate fuel product supplied rose marginally by 0.2 percent to an average of 4 million barrels a day, while jet fuel supply declined by 4.8 percent compared to the same four-week period last year.
In additional commodity trading, October natural gas futures were noted at ₹256.30 on MCX, down 1.39 percent from the previous close of ₹259.90. On the National Commodities and Derivatives Exchange (NCDEX), December turmeric contracts were observed at ₹14860, increasing by 1.34 percent from the prior close of ₹14664. Conversely, November dhaniya futures were trading at ₹8092 on NCDEX, marking a decline of 0.54 percent from the previous close of ₹8136.
Published on October 17, 2025.
