Global crude oil supplies are poised for a deepening glut, with prices likely to decline toward $50 per barrel by mid-2026 amid sluggish demand growth and robust production
India's record US crude imports come amid efforts to diversify away from Russian oil and manage trade frictions with Washington
Oil prices are projected to trade in a broader $58-$64 range in the coming weeks
Opec+ is unwinding cuts, restoring 2.72 million barrels per day by November, with Iraq adding 500 thousand barrels per day via Kurdish pipelines, worsening a 0.5 million barrels per day surplus
Brent crude futures settled 37 cents, or 0.6 per cent, higher at $66.39 a barrel, while US West Texas Intermediate crude futures also climbed 37 cents, or 0.6 per cent, to close at $62.63 a barrel
Brent crude faces limited upside above $70, as higher prices may dampen Chinese demand, while increased OPEC+ production is helping offset geopolitical risks
Since the conclusion of the Iran-Israel conflict, oil prices have retreated and stabilised within a broader trading range of around $6 per barrel
Brent crude futures fell 16 cents, or 0.23 per cent, to $68.64 per barrel at 0005 GMT, while West Texas Intermediate (WTI) crude futures also lost 16 cents, or 0.25 per cent, to $64.64
Geopolitical developments are a primary driver of market uncertainty. The Trump-Putin talks could either ease concerns over US sanctions on Russian oil or escalate tensions if negotiations falter.
Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19
Iran warned that it may close the Strait of Hormuz (~26 per cent of oil trade), attack US military installations in the region, and take other military and diplomatic actions.
Brent crude futures gained $1.28, or 1.96 per cent, to $66.62 a barrel by 1649 GMT. US West Texas Intermediate crude climbed $1.34, or 2.11 per cent, to $64.71
Stock Market Highlights on Friday, May 30, 2025: Among the broader basket, Nifty Midcap100, and Nifty Smallcap100 ended with a loss of 0.06 per cent and 0.03 per cent, respectively
Oil markets may face an oversupply in the second half of 2025, alongside potentially weakened demand due to Trump's inclination towards universal tariffs
Both contracts fell more than 2 per cent in the previous session on the prospect of an Iranian nuclear deal, which could result in more barrels being released onto the global market
S&P Global warns of first annual US oil output drop since 2020, citing weak demand and surplus; Indian refiners may scale back plans to increase imports
The Brent and WTI benchmarks dropped more than 2 per cent on Monday, as signs of progress in nuclear deal talks between the US and Iran helped to ease supply concerns
Imports from Russia fell by nearly a fifth despite remaining largest source of crude
In the previous session, Sensex gained 592.93 points (0.78 per cent) to close at 76,617.44, while Nifty50 rose 166.65 points (0.72 per cent) to settle at 23,332.35
India imported 1.91 million bpd of Russian crude in March, 30 per cent higher than in February and flat from a year earlier