New Delhi, Nov 18 (PTI) Crude oil prices on Tuesday dropped Rs 54 to Rs 5,278 per barrel, as weak trends in the overseas market and oversupply concerns prompted traders to trim their positions.
On the Multi
Commodity Exchange (MCX), crude oil for December delivery depreciated by Rs 54, or 1.01 per cent, to Rs 5,278 per barrel in 11,479 lots.
Traders said the pullback in crude prices was largely driven by weak demand conditions in the international market and cautious trading ahead of key global supply data.
In the international markets, West Texas Intermediate (WTI) crude oil for December delivery was trading 0.82 per cent lower at USD 59.42 per barrel, while Brent Crude for the January 2026 contract fell 0.75 per cent to USD 63.72 per barrel.
"Crude oil prices edge lower to USD 59.5 per barrel as traders balanced persistent oversupply concerns with the potential impact of upcoming US sanctions on Russian producers.
"However, sentiment remained broadly bearish, with expectations of a supply glut extending into late 2025 and 2026 on rising output from both OPEC and non-OPEC producers and moderating demand growth," brokerage firm Kotak Securities said in a note.
"Crude oil prices could regain some support as the US is set to impose sanctions on Russian energy majors Rosneft and Lukoil from November 21. These measures have already prompted major buyers, including China, India and Turkey, to halt purchases and seek alternative suppliers," according to an expert.
Market participants said crude oil prices are likely to remain range-bound in the short term as traders are monitoring updates on supply projections and global macroeconomic data for further insights. PTI HG HG BAL
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