Official data showed a decline in US crude oil inventories for the week ending October 3.
Crude oil futures traded lower on Thursday morning after US President Donald Trump announced a peace plan to end the conflict between Israel and Hamas.
At 9.56 am on Thursday, December Brent oil futures were at $65.93, down by 0.48 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $62.18, down by 0.59 per cent. October crude oil futures were trading at ₹5,529 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5,576, down by 0.84 per cent, and November futures were trading at ₹5,502 against the previous close of ₹5,551, down by 0.88 per cent.
In a post on social media platform Truth Social, Trump said: “I am very proud to announce that Israel and Hamas have both signed off on the first Phase of our Peace Plan. This means that ALL of the Hostages will be released very soon, and Israel will withdraw their Troops to an agreed upon line as the first steps toward a Strong, Durable, and Everlasting Peace. All Parties will be treated fairly! This is a GREAT Day for the Arab and Muslim World, Israel, all surrounding Nations, and the United States of America, and we thank the mediators from Qatar, Egypt, and Turkey, who worked with us to make this Historic and Unprecedented Event happen.”
Market participants feel that this development will help de-escalate tension in West Asia region. This will bring down war risk premium on crude oil.
Meanwhile, official data showed a decline in US crude oil inventories for the week ending October 3.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories increased by 3.7 million barrels for the week ending October 3. Total motor gasoline inventories decreased by 1.6 million barrels from last week. Distillate fuel inventories decreased by 2 million barrels for the week ending October 3.
Total products supplied in the US over the last four-week period averaged 20.9 million barrels a day, up by 1.7 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 2.6 per cent from the same as the last year period. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 1.1 per cent from the same period last year. Jet fuel product supplied was down 6.9 per cent compared with the same four-week period last year.
October aluminium futures were trading at ₹265.10 on MCX during the initial hour of trading on Thursday against the previous close of ₹262.95, up by 0.82 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October dhaniya contracts were trading at ₹8,496 in the initial hour of trading on Thursday against the previous close of ₹8,524, down by 0.33 per cent.
December cottonseed oilcake futures were trading at ₹2,914 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹2,918, down by 0.14 per cent.
Published on October 9, 2025