Crude oil prices on MCX up during Muhurat trading as US, China tension eases
This story was originally published at 16:20 IST on 21 October 2025
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MUMBAI – Crude oil prices on the Multi-Commodity Exchange rose during the Diwali Muhurat trading session, tracking NYMEX. Prices rose as investors were hopeful about the easing of trade tensions between the US and China. If the countries reach a broader agreement in their trade dispute, it will be supportive of global growth prospects and energy demand. Investors are pinning their hopes on a planned meeting between US President Donald Trump and Chinese President Xi Jinping next week in South Korea.
Traditionally, trading during the 'Muhurat' session is believed to bring prosperity and financial growth to investors. This new session on Tuesday marks the beginning of Vikram Samvat 2082, the Hindu Year that begins on Diwali.
The rise in crude oil prices also followed US President Donald Trump saying that Indian Prime Minister Narendra Modi had pledged his country would stop buying Russian crude oil, which makes up about a third of its imports. Trump on Wednesday said that India would halt oil purchases from its top supplier, Russia, and the US would next try to get China to do the same as Washington intensifies efforts to cut off Moscow's energy revenues and force it to negotiate a peace deal in Ukraine.
However, prices are unlikely to sustain the gains, as there are concern about oversupply. Markets are bracing for a potential glut amid steady production increases by the Organization of Petroleum Exporting Countries and allies. The International Energy Agency last week projected a global surplus of nearly 4 million barrels per day in 2026.
Moreover, Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine, raising hope of easing curbs on Russian oil output, and potentially adding to the global surplus.
The most-active October crude oil contract on the MCX closed around INR 5,043 rupees per barrel, up over 0.4% from the previous close. At 1602 IST, the most-active December crude oil contract on the NYMEX was up 1% at $57.54 per barrel. End
US$1 = INR 87.92
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Taniva Singha Roy
Edited by Akul Nishant Akhoury
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