Crude oil futures traded lower on Thursday morning following reports of improved oil supplies from the West Asia region.
At 10.01 am on Thursday, December Brent oil futures were at $96.98, down by 1.07 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $89.16, down by 1.39 per cent. October crude oil futures were trading at ₹8580 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8734, down by 1.76 per cent, and November futures were trading at ₹8429 against the previous close of ₹8570, down by 1.65 per cent.
Market reports said that oil supplies from West Asia touched 16.328 million barrels a day in September, which is the highest level since the conflict began in February.
Reports also said that Saudi Arabia restarted loadings from Red Sea port of Yanbu on Tuesday after resuming operations on the East-West pipeline.
Some reports said that Iran received a response from the US for its proposal for to reopen the Strait of Hormuz.
Latest petroleum status report showed an increase in crude oil inventories in the US for the week ending September 25. According to the US EIA (Energy Information Administration), commercial crude oil inventories increased 0.9 million barrels to 427.3 million barrels for the week ending September 25, 2 per cent above the five-year average.
Gasoline inventories decreased 1.7 million barrels, 7 per cent below the five-year average. Distillate inventories decreased 2.3 million barrels, 14 per cent below the five-year average.
Over the past four weeks, total products supplied in the US averaged 20.8 million barrels a day, up 2.1 per cent year over year. The four-week average for gasoline product supplied increased 0.3 per cent year over year to 8.7 million barrels a day, while the four-week average for distillate product supplied increased 5.2 per cent to 3.8 million barrels a day. The four-week average for jet fuel product supplied increased 6.5 per cent year over year.
October natural gas futures were trading at ₹287.30 on MCX during the initial hour of trading on Thursday against the previous close of ₹290.30, down by 1.03 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹21380 in the initial hour of trading on Thursday against the previous close of ₹21240, up by 0.66 per cent.
October guargum futures were trading at ₹12755 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹12816, down by 0.48 per cent.
Published on October 1, 2026
