Crude oil futures traded lower on Friday morning amid expectations of reduced US oil demand as the summer driving season ends on Monday.
At 9.58 am on Friday, November Brent oil futures were at $67.60, down by 0.56 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $64.23, down by 0.57 per cent. September crude oil futures were trading at ₹5645 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,619, up by 0.46 per cent, and October futures were trading at ₹5,617 against the previous close of ₹5,588, up by 0.52 per cent.
Markets are expecting the reduction in US oil consumption as the driving season ends on Monday with Labour Day. US is a major consumer of crude oil in the global market.
Markers are also concerned over a global supply glut following the recent forecast by the International Energy Agency that the supply will outpace demand in the coming months. Added to this, OPEC+ is also in the process of increasing production in September.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, said that the German Chancellor Friedrich Merz’s statement — that it’s unlikely that Russian and Ukrainian Presidents will meet – dealt a blow to hopes for a peace deal between Ukraine and Russia.
Given the lack of progress since Russian President Vladimir Putin’s summit with US President Donald Trump, this isn’t a big surprise, they said.
Meanwhile, Russia carried out a fresh wave of attacks on Kyiv, damaging buildings housing the EU mission and the British Council. The lack of progress towards a peace deal means risks of sanctions and secondary tariffs continue to hang over the oil market, they added.
September menthaoil futures were trading at ₹971.50 on MCX during the initial hour of trading on Friday against the previous close of ₹9,68.40, up by 0.32 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹13,352 in the initial hour of trading on Friday against the previous close of ₹13,260, up by 0.69 per cent.
September cottonseed oilcake futures were trading at ₹3,416 on NCDEX in the initial hour of trading on Friday against the previous close of ₹3,428, down by 0.35 per cent.
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Published on August 29, 2025