MCX crude futures down on easing US-Iran hostilities, likely OPEC output hike
This story was originally published at 10:10 IST on 27 February 2026
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MUMBAI/NEW DELHI – Crude oil futures traded on the Multi Commodity Exchange were down in early trade Friday, dragged down by the perception of easing hostilities between the US and Iran.
The most-traded March contract opened at INR 5,950 per barrel, down from INR 6,053 per barrel at the previous close. AT 0949 IST, it was trading 1.6% lower at INR 5,956 per barrel, after touching a high of INR 6,016 per barrel and a low of INR 5,942 per barrel.
Oil prices inched lower Friday after the US and Iran extended their nuclear talks, easing concerns about potential hostilities that could disrupt supply, while the Organization of the Petroleum Exporting Countries and allies is expected to resume output hikes at its Sunday meeting, Reuters said in a report.
"Traders are in wait-and-see mode heading into the weekend with Iran tensions mounting on one hand, and the OPEC+ meeting on Sunday with a likely production hike on the other hand," June Goh, a senior analyst at Sparta Commodities, told the agency.
The US and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after US President Donald Trump ordered a military build-up in the region.
Futures contracts of crude oil also fell due to a larger-than-expected rise in US crude oil stocks. US crude oil inventories, excluding those in strategic petroleum reserves, rose around 16 million barrels to 435.8 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report. End
Reported by Abhijit Doshi
Edited by Tanima Banerjee
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