Crude oil futures traded lower on Thursday morning following reports that the US is planning to ease sanctions on shadow fleet vessels transporting oil from countries such as Russia, Iran and Venezuela.
At 10.05 am on Thursday, December Brent oil futures were at $104.16, down by 1.79 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $93.95, down by 1.20 per cent. October crude oil futures were trading at ₹8,942 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹9,116, down by 1.91 per cent, and November futures were trading at ₹8,870 against the previous close of ₹9,030, down by 1.77 per cent.
According to a Reuters report, US Energy Secretary Chris Wright said in a video to the World Petroleum Congress in Riyadh this week that the administration was talking about easing the sanctions on shadow fleet vessels in an effort to cut record freight rates that have cut into demand for US crude. However, Reuters report cited Energy Aspects, a research group, for this statement.
Meanwhile, IEA’s (International Energy Agency) Oil Market Report for October said world oil demand is forecast to fall by 2.5 million barrels a day year-on-year in Q4 2026 and 2.6 million barrels a day on average in 2026. As the Iran war manifests itself through restricted product availability, soaring fuel prices and a deteriorating economic outlook, diesel will register 25 per cent of the drop. A partial recovery, of 2 million barrels a day, will leave 2027 global oil use 620,000 barrels a day, or 0.6 per cent, below 2025 levels.
It said that global oil supply increased by 2.5 million barrels a day month-on-month to 102.3 million barrels a day in September, driven by Gulf producers. OPEC+ gains of 2.1 million barrels a day were led by Saudi Arabia, while the UAE drove non-OPEC+ increases.
Oil supply is projected to post an average annual decline of 5.8 million barrels a day, to 100.7 million barrels a day, this year, before reversing course and rising by 7.7 million barrels a day in 2027. Renewed attacks in the Gulf leave the recovery fragile, it said.
October nickel futures were trading at ₹1,455 on MCX during the initial hour of trading on Thursday against the previous close of ₹1,503.50, down by 3.23 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October guarseed contracts were trading at ₹8,150 in the initial hour of trading on Thursday against the previous close of ₹8,006, up by 1.80 per cent.
October dhaniya futures were trading at ₹15,246 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹15,434, down by 1.22 per cent.
Published on October 15, 2026
