Crude oil futures fall as diplomatic efforts ease West Asia supply concerns
Markets also tracked US petroleum data, with gasoline and distillate inventories declining despite a marginal rise in crude stockpiles.
On Thursday, crude oil futures experienced a decline as diplomatic efforts appeared to be easing tensions in the West Asia region. Brent oil futures for November fell to $86.59, a 0.40% decrease, while October crude oil futures on WTI (West Texas Intermediate) dropped to $81.89, a 0.41% decrease. September crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹7838, a 0.75% decline from the previous close of ₹7897, while October futures opened at ₹7735, a 0.76% decrease from the previous close of ₹7794.
A Reuters report indicated that Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani would discuss his country's ongoing mediation efforts and regional developments during his visit to Tehran on Thursday. The report also mentioned that Iran and Oman were finalizing an agreement to control the Strait of Hormuz, following Iran's Revolutionary Guards' statement about the two countries sharing the waterway.
Meanwhile, the US Energy Information Administration reported a slight increase in crude oil inventories, with US commercial crude oil stocks up by 0.1 million barrels to 428.9 million barrels, a 1% rise above the five-year average for this period.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Asia markets mixed as Nvidia outlook offsets U.S. inflation concerns seekingalpha.com
