Crude oil futures traded lower on Wednesday morning after the International Energy Agency (IEA) forecast a supply glut for next year.
At 9.57 am on Wednesday, December Brent oil futures were at $62.18, down by 0.34 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $58.56, down by 0.24 per cent. October crude oil futures were trading at ₹5,175 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,233; down by 1.11 per cent, and November futures were trading at ₹5,163 against the previous close of ₹5,218, down by 1.05 per cent.
According to IEA’s Oil Market Report for October, total global oil supply rose by 760,000 barrels a day m-o-m, to 108 million barrels a day in September, as OPEC+ production surged by 1 million barrels a day led by West Asia.
It said that world oil supply is on track to rise by 3 million barrels a day to 106.1 million barrels a day this year and 2.4 million barrels a day next year. Non-OPEC+ adds 1.6 million barrels a day and 1.2 million barrels a day, respectively, led by the US, Brazil, Canada, Guyana and Argentina. OPEC+ adds 1.4 million barrels a day in 2025 and 1.2 million barrels a day in 2026 based on the current production agreement.
The report said that the global oil demand rose by 750,000 barrels a day y-o-y in the third quarter of 2025, as petrochemical feedstocks led a rebound from 2Q25’s tariff-afflicted 420,000 barrels a day pace. Still, oil use will remain subdued over the remainder of 2025 and in 2026, resulting in annual gains forecast at around 700,000 barrels a day in both years. This is well below historical trend, as a harsher macro climate and transport electrification make for a sharp deceleration in oil consumption growth, the report said.
Meanwhile, US President Donald Trump has once again threatened China with trade restrictions. This follows his recent threats to impose 100 per cent additional tariffs on China. However, he later backtracked from his statement on 100 per cent tariffs on China.
In a post on social media platform Truth Social, Trump said: “I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution. As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China.”
October natural gas futures were trading at ₹266 on MCX during the initial hour of trading on Wednesday against the previous close of ₹269.40, down by 1.26 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October dhaniya contracts were trading at ₹7,752 in the initial hour of trading on Wednesday against the previous close of ₹7,816; down by 0.82 per cent.
October turmeric (farmer polished) futures were trading at ₹12,548 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹12,848; down by 2.33 per cent.
Published on October 15, 2025