Brent crude falls below $104 as West Asia supply fears ease
At 9.33 am on Friday, November Brent oil futures were at $103.99, down by 0.79%, and October crude oil futures on WTI were at $101.25, down by 0.65%
Brent crude oil futures dipped below $104 per barrel on Friday as concerns over supply disruptions in West Asia eased. By 9:59 am, the price of Brent oil futures had fallen to $103.85, a 0.93 percent decline, while WTI (West Texas Intermediate) crude oil futures dropped to $101.28, a 0.62 percent decrease. The price of September crude oil futures on the MCX dropped to ₹9688, a 0.72 percent decline from the previous close of ₹9758.
October crude oil futures also fell to ₹9264, a 0.73 percent decrease from the previous close of ₹9332. Saudi Arabia is aiming to restore about half of the capacity of its East-West pipeline within a few days, following damage caused by Houthi drone attacks. The pipeline incident has raised fears that a prolonged closure could cut off approximately 4 percent of global oil supply.
Saudi Arabia has reportedly offered crude shipments through ship-to-ship transfers off Oman’s Sohar port. US President Donald Trump hinted at a significant decision regarding Iran, stating he is weighing whether to launch large-scale attacks on the Iranian regime or not. Trump's remarks come ahead of a meeting with Gulf leaders on Tuesday, the day before the UN General Assembly in New York.
September natural gas futures on the MCX were at ₹275, a 1.50 percent drop from the previous close of ₹279.20. On the NCDEX, October guar gum contracts were at ₹13308, up 0.83 percent from the previous close of ₹13199, and October turmeric futures were at ₹20046, down 1.07 percent from the previous close of ₹20262.
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