The cut in OSPs follows OPEC+ agreeing on another supply hike of 137,000 barrels a day for December, while also deciding to pause further supply increases over the first quarter of next year, amid expectations of a growing surplus | Photo Credit: iStockphoto
At 9.57 am on Friday, January Brent oil futures were at $63.75, up by 0.58 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $59.82, up by 0.66 per cent. November crude oil futures were trading at ₹5304 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,262, up by 0.80 per cent, and December futures were trading at ₹5311 against the previous close of ₹5,278, up by 0.63 per cent.
Market reports noted that the US and European sanctions on Russia and Iran have impacted the crude oil supplies to the major buyers in the world. This helped support the price of the commodity.
Warren Patterson, Head of Commodities Strategy of ING Think, said in the Commodities Feed that while the outlook for the oil market remains bearish with expectations for a large surplus in 2026, there are clear and obvious risks in the form of potential disruptions to Russian oil flows. Furthermore, the continued strength seen in refinery margins provides some resistance to the bearish outlook for the crude market.
He said the Saudi Aramco cut its official selling prices (OSPs) for all grades of crude oil into Asia for December loadings. The Saudis cut the OSP on the flagship Arab Light into Asia by $1.20 per barrel month-on-month to leave it at a premium of $1 per barrel over the benchmark — the lowest level since January.
The cut in OSPs follows OPEC+ agreeing on another supply hike of 137,000 barrels a day for December, while also deciding to pause further supply increases over the first quarter of next year, amid expectations of a growing surplus, he said.
Referring to the recent weekly petroleum status report by the US EIA (Energy Information Administration), he said the US crude oil inventories increased by 5.2 million barrels over the last week, driven by an 873,000 barrels a day increase in crude oil imports. However, refined product numbers were more constructive, with gasoline inventories falling by 4.73 million barrels over the week, leaving US gasoline stocks at their lowest level since November 2022.
November natural gas futures were trading at ₹388 on MCX during the initial hour of trading on Friday against the previous close of ₹380.90, up by 1.86 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹14,604 in the initial hour of trading on Friday against the previous close of ₹14,642, down by 0.26 per cent.
December jeera futures were trading at ₹20,450 on NCDEX in the initial hour of trading on Friday against the previous close of ₹20,500, down by 0.24 per cent.
Published on November 7, 2025
