Crude oil futures traded lower on Friday morning, after rising more than 5 per cent on Thursday following the US government’s decision to impose sanctions on two major Russian oil companies.
At 9.30 am on Friday, December Brent oil futures were at $65.69, down by 0.45 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $61.55, down by 0.39 per cent. November crude oil futures were trading at ₹5407 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,437, down by 0.55 per cent, and December futures were trading at ₹5,382 against the previous close of ₹5403, down by 0.39 per cent.
Crude oil futures traded more than 5 per cent higher on Thursday after the US Department of Treasury’s Office of Foreign Assets Control imposed sanctions on Russia’s two largest oil companies — Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil).
A press release by the US Treasury Department said that the sanction increases pressure on Russia’s energy sector. The US will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia’s willingness to negotiate in good faith. Treasury will continue to use its authorities in support of a peace process, it said.
A Reuters report said that the Chinese national oil companies — PetroChina, Sinopec, CNOOC and Zhenhua Oil — will refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions. Media reports said that major Indian refiners are also planning to reduce their crude oil imports from Russia.
Meanwhile, crude oil prices edged lower on Friday morning following reports of the proposed meeting between US President Donald Trump and Chinese President Xi Jinping. Market reports note that the proposed meeting would help ease trade tensions between these two nations. According to reports, the meeting is scheduled to be held on October 30 on the sidelines of Asia-Pacific Economic Cooperation CEO Summit.
November natural gas futures were trading at ₹352 on MCX during the initial hour of trading on Friday against the previous close of ₹356.40, down by 1.23 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹9080 in the initial hour of trading on Friday against the previous close of ₹9103, down by 0.25 per cent.
December turmeric (farmer polished) futures were trading at ₹14,300 on NCDEX in the initial hour of trading on Friday against the previous close of ₹14,420, down by 0.83 per cent.
Published on October 24, 2025