Crude oil futures declined on Thursday amid hopes of an end to the war in West Asia.
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Crude oil futures traded lower Thursday morning as a major Democratic victory in US midterm elections raised hopes of an end to the war in West Asia.
At 10.01 am on Thursday, January Brent oil futures were at $93.89, down by 0.77 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $86.95, down by 1.33 per cent. November crude oil futures were trading at ₹8222 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8364, down by 1.70 per cent, and December futures were trading at ₹8173 against the previous close of ₹8312, down by 1.67 per cent.
Democratic victory raises hopes of reduced military operations
Market reports said a Democratic-controlled Congress could limit the funding for military operations in West Asia. War in West Asia and rising costs of gasoline in the US have been attributed as main reasons for the defeat of Republicans in midterm elections. Reports also said crude oil exports from the Persian Gulf are recovering.
US crude oil inventories fall below five-year average
Latest petroleum status report by the US EIA (Energy Information Administration) showed a decline in crude oil inventories for the week ending October 30. According to the EIA, US commercial crude oil inventories fell 0.9 million barrels to 409.8 million barrels for the week ending October 30, 4 per cent below the five-year average.
Gasoline inventories decreased 0.2 million barrels, 2 per cent below the five-year average. Distillate inventories decreased 3.6 million barrels, 13 per cent below the five-year average.
US petroleum product demand shows mixed trends
Over the past four weeks, total products supplied in the US averaged 21.2 million barrels a day, up 4.2 per cent year over year. The four-week average for gasoline product supplied decreased 0.4 per cent year over year to 8.6 million barrels a day, while the four-week average for distillate product supplied increased 8.7 per cent to 4.2 million barrels a day. The four-week average for jet fuel product supplied decreased 2.8 per cent year over year.
November nickel futures were trading at ₹1518.60 on MCX during the initial hour of trading on Thursday against the previous close of ₹1499.80, up by 1.25 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November guargum contracts were trading at ₹16278 in the initial hour of trading on Thursday against the previous close of ₹16022, up by 1.60 per cent.
November jeera futures were trading at ₹27475 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹27205, up by 0.99 per cent.
Published on November 5, 2026
