Crude oil futures rose on Friday morning following an announcement from G7 countries regarding intensified actions against Russia, specifically targeting those increasing their purchases of Russian oil.
As of 9:57 AM on Friday, December Brent oil futures were priced at $64.49, reflecting a 0.59 percent increase, while November crude oil futures for West Texas Intermediate (WTI) were at $60.82, up by 0.56 percent. On the Multi Commodity Exchange (MCX), October crude oil futures traded at ₹5,415 during the initial hour of trading, down 1.42 percent from the previous close of ₹5,493. November futures were priced at ₹5,405, decreasing 1.21 percent from the prior close of ₹5,471.
A statement from G7 Finance Ministers indicated their commitment to increasing the economic costs associated with Russia’s military actions. This will include imposing restrictive measures on vital sectors and supporters of the Russian economy, such as energy, finance, the military industrial base, and other enablers. The goal is to cut off funding that sustains Russia’s military operations and to impose significant consequences on violators of these measures.
The G7 outlined its aim to maximize pressure on Russia’s oil exports, which are a critical revenue source for the nation. The group intends to focus on entities that are continuing to boost their purchases of Russian oil since the invasion of Ukraine and those facilitating circumvention of existing sanctions.
According to the statement, trade measures—including tariffs and bans on imports and exports—are considered essential in efforts to diminish Russian revenues. The G7 aims to take tangible actions to significantly reduce, with the goal of phasing out, remaining imports from Russia, particularly hydrocarbon imports.
Russia continues to be a key player in the global crude oil market. In related news, there was a rise in US crude oil inventories for the week ending September 26. Data from the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 1.8 million barrels during that week.
Additionally, total motor gasoline inventories rose by 4.1 million barrels from the previous week, and distillate fuel inventories increased by 0.6 million barrels. Over the last four weeks, the average total supply of petroleum products in the US was 20.3 million barrels per day, marking a 1.2 percent increase from the same timeframe last year.
In other market movements, October copper futures were trading at ₹970.50 on the MCX during the initial trading period on Friday, an increase of 1.34 percent from the previous close of ₹957.65.
Published on October 3, 2025.
