Crude oil futures traded lower on Friday morning after rising more than 5 percent on Thursday following the US government’s decision to impose sanctions on two major Russian oil companies.
At 9:30 a.m. Friday, December Brent crude futures were at $65.69, down 0.45 percent, and December WTI (West Texas Intermediate) crude oil futures were at $61.55, down 0.39 percent. November crude oil futures traded at ₹5,407 on the Multi Commodity Exchange (MCX) during the first hour of trading on Friday against the previous close of ₹5,437, down 0.55 per cent, and December futures traded at ₹5,382 against the previous close of ₹5,403, down 0.39 per cent.
Crude oil futures traded more than 5 percent higher on Thursday after the US Treasury Department’s Office of Foreign Assets Control imposed sanctions on Russia’s two largest oil companies: Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil).
A press release from the US Treasury states that the sanction increases pressure on the Russian energy sector. The US will continue to advocate for a peaceful resolution to the war, and permanent peace depends entirely on Russia’s willingness to negotiate in good faith. The Ministry of Finance will continue to use its authorities in support of a peace process, the ministry said.
A Reuters According to the report, China’s national oil companies – PetroChina, Sinopec, CNOOC and Zhenhua Oil – will refrain from trading in Russian offshore oil at least in the short term due to concerns about sanctions. According to media reports, major Indian refiners are also planning to reduce their crude oil imports from Russia.
Meanwhile, crude oil prices fell on Friday morning after reports of the proposed meeting between US President Donald Trump and Chinese President Xi Jinping. Market reports note that the proposed meeting would help ease trade tensions between these two countries. According to reports, the meeting will take place on October 30 on the sidelines of the Asia-Pacific Economic Cooperation CEO Summit.
Natural gas futures for November were trading at ₹352 on MCX during the first hour of trading on Friday, against the previous close of ₹356.40, down 1.23 per cent.
At the National Commodities and Derivatives Exchange (NCDEX), November guar gum contracts traded at ₹9,080 in the first hour of trading on Friday, compared to the previous closing price of ₹9,103, down 0.25 per cent.
The December turmeric futures (farmers polished) were trading at ₹14,300 on NCDEX during the first hour of trading on Friday, against the previous close of ₹14,420, down 0.83 per cent.
Published on October 24, 2025
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