WTI crude slips below $60; about to end October with 3% loss

WTI crude oil futures dropped below $60 per barrel in Asian trades on Thursday, extending losses as the Trump?Xi summit ended without addressing energy issues. While trade progress lifted global growth sentiment slightly, uncertainty over oil supply persisted after the US tightened sanctions on Russian firms. Markets now await the OPEC+ meeting on November 2. Crude prices are about to end October with losses of more than 3%, heading towards April?s low of $55.12 per barrel. WTI is down almost 25% year-to-date, pressured by robust output from OPEC+ and non-OPEC producers and a softer global outlook. On MCX, November crude oil futures eased over 0.7% to ₹5332 per barrel.

Powered by Commodity Insights