New Delhi: Crude oil futures declined on October 15 as weaker international prices and selling by market participants weighed on domestic trading.
On the Multi Commodity Exchange, the November delivery contract fell ₹144, or 1.58 per cent, to ₹8,972 per barrel. Trading volume stood at 6,591 lots during the session.
The decline placed the contract below the ₹9,000 mark, reflecting pressure on prices alongside losses in overseas crude benchmarks.
Selling Pressure Weighs on Futures
Analysts attributed the fall to participants reducing their holdings amid weak demand in the spot market.
The reported activity indicates selling pressure in the November contract, although the figures do not establish whether the move reflected bearish positions or the closure of bullish trades.
Trading volume measures the number of contracts changing hands. It should not be confused with open interest, which tracks contracts that remain outstanding.
The report provided turnover in lots but did not include an open-interest reading or a breakdown of buyer and seller positions.
Brent and WTI Trade Lower
International crude benchmarks also declined. West Texas Intermediate traded 0.82 per cent lower at $94.31 per barrel, while Brent fell 1.39 per cent to $104.59 per barrel.
Both benchmarks therefore moved in the same direction as Indian crude futures, reinforcing the weak global backdrop cited by analysts.
However, the contracts are quoted in different currencies and represent different market specifications. Their absolute price levels should not be treated as interchangeable.
November Contract Remains in Focus
The MCX price refers specifically to crude oil for November delivery. It is a futures-market quotation rather than a retail fuel price or a nationwide spot crude rate.
Similarly, the international benchmark readings represent prices at the time of reporting, rather than closing levels.
The picture was one of softer crude prices across domestic and overseas markets, with weak spot demand and participants trimming holdings identified as the pressures on the Indian contract.
