MCX crude oil futures down as market senses rising global supply ahead
This story was originally published at 10:46 IST on 26 February 2026
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MUMBAI – Futures contracts of crude oil on the Multi Commodity Exchange of India were down Thursday as market sensed the possibility of global supply rising, although geopolitical tensions kept the losses in check, analysts said.
The March crude oil contract on the MCX opened at INR 5,978 Thursday, as against the previous day's close of INR 5,989. At 1007 IST, the contract was trading at INR 5,974 per barrel, after touching a high of INR 5,979 and a low of INR 5,961.
Crude oil futures fell after the US Energy Information Administration reported the largest weekly crude inventory build in three years. US crude stocks jumped 15.99 million barrels to 435.8 million barrels in the week ended Friday, far exceeding expectations of a modest rise, Kedia Advisory said in a note.
Moreover, the Organization of the Petroleum Exporting Countries and allies is expected to consider raising production by 137,000 barrels per day in April as it unwinds its voluntary pause over the last three months.
However, investors remain cautious ahead of US-Iran nuclear talks later in the day. Focus will remain on the Geneva meeting amid heightened caution over a military buildup in the Middle East, ICICI Direct said in a note. US President Donald Trump had warned that US could launch limited strikes if the talks do not yield a nuclear agreement. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Abhijit Doshi
Edited by Tanima Banerjee
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