Crude Oil Futures Slip on Weak Global Cues

New Delhi, Nov 17 (PTI) Crude oil futures on Monday declined by Rs 70 to Rs 5,277 per barrel as participants trimmed their positions amid subdued demand and weak trends in the overseas markets.


On the Multi Commodity Exchange, crude oil for December delivery fell Rs 70, or 1.31 per cent, to Rs 5,277 per barrel in 10,601 lots.

Market participants said the pullback was largely due to weak demand conditions in the international market, prompting traders to offload some of their holdings.


On the global front, West Texas Intermediate (WTI) crude oil for December delivery was trading 1.13 per cent lower at USD 59.41 per barrel, while Brent Crude for January 2026 contract fell 1.03 per cent to USD 63.73 per barrel in New York.

"WTI crude futures slipped to around USD 59.5 per barrel on Monday, erasing the previous session's gains after Russia's Novorossiysk port resumed oil loadings following a brief shutdown caused by a Ukrainian drone strike.

"The return of tankers signalled a normalisation in export flows, easing earlier supply concerns. Last week's upside momentum from the disruption further weakened amid rising fears of oversupply," Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.

Adding to the pressure, the International Energy Agency has warned that the oil market may face a sizeable surplus next year, potentially as high as 4 million barrels per day, as both OPEC and non-OPEC producers increase output while demand growth softens.