Crude oil futures declined on Friday morning as markets adjusted expectations regarding the impact of US sanctions on Russian oil supplies.
As of 9:59 AM on Friday, January Brent oil futures traded at $63.97, a decrease of 0.62 percent. Meanwhile, December crude oil futures for West Texas Intermediate (WTI) were priced at $60.16, down by 0.68 percent. On the Multi Commodity Exchange (MCX), November crude oil futures opened at ₹5346, a decline of 0.83 percent from the previous close of ₹5391, while December futures traded at ₹5335, down by 0.82 percent from ₹5379.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, noted that the oil market is likely to settle lower this week as participants analyze the effects of US sanctions on Russian oil exports.
“The price action clearly indicates that the market remains skeptical about a significant reduction in Russian oil supply. The recent meeting between President Trump and President Xi only reinforced this belief, as discussions reportedly did not address Russian oil flows to China. This is crucial since China imports approximately 2 million barrels of Russian oil daily and is the only buyer capable of significantly increasing its purchases if India reduces its imports of Russian crude,” they stated.
Looking ahead to Sunday’s OPEC+ meeting, Patterson and Manthey suggested that the group is expected to agree on an additional supply increase of 137,000 barrels per day for December. The ongoing uncertainty surrounding sanctions on Russia supports this decision; however, it may further contribute to a bearish outlook for the market, adding to forecasts of a considerable surplus expected through 2026, assuming no supply disruptions from Russia.
Additionally, November natural gas futures traded at ₹360.40 on MCX, an increase of 3.38 percent from the previous close of ₹348.60.
On the National Commodities and Derivatives Exchange (NCDEX), November castorseed contracts opened at ₹6815, up by 0.18 percent from the previous close of ₹6803. Conversely, November guargum futures were trading at ₹8615, down by 0.39 percent from the prior close of ₹8649.
Published on October 31, 2025.
