Crude Oil Prices Hover at ₹5,506 on MCX as OPEC Meeting Nears

Crude oil prices remained steady on October 7, 2025 as traders awaited signals from the upcoming OPEC+ meeting. The market showed modest gains following a two-day advance after OPEC+ agreed on a limited supply quota increase, while Saudi Arabia decided to maintain its main grade prices to Asia unchanged.

Crude Oil Price on MCX

As of 9:31 AM IST, October 7, 2025, MCX crude oil futures traded at ₹5,506 per barrel, up ₹15 or 0.27% from the previous session. The near-month contracts for October, November, and December 2025 reflected relatively stable movement, indicating a balanced sentiment among traders. 

By 9:33 AM IST, the October 20 expiry contract was recorded at ₹5,505 per barrel, up ₹14 or 0.25% from the previous close of ₹5,491. The day’s trading range was between ₹5,496 and ₹5,508, with a total volume of 367 contracts.

The spot price was higher at ₹5,664 per barrel, while the average traded price for the day settled at ₹5,504.34. Open interest declined slightly by 0.89% to 13,404 contracts, suggesting some profit-taking after recent gains.

Global Supply and Market Factors

Brent crude traded above $65 per barrel, while West Texas Intermediate hovered near $62 following a 1.5% gain earlier in the week. OPEC+’s decision to increase supply by 137,000 barrels per day has been complemented by rising output from producers in the Americas, adding to near-term supply expectations. 

Traders are also monitoring disruptions caused by Ukrainian attacks on Russian energy infrastructure, which could affect supply if sustained.

Futures Curve and Market Outlook

The Brent futures curve shows a narrowing of the prompt spread with the difference between the two nearest contracts — to 40 cents per barrel, down from 66 cents two weeks ago. This suggests that the market has factored in slightly looser near-term balances, even as geopolitical and supply-related factors continue to influence trading.

Read more:Ather Energy Crosses A Major Production Milestone of 5 Lakh 

Conclusion

Overall, crude oil prices on MCX displayed moderate gains with a narrow trading range, reflecting cautious optimism among traders. With the OPEC+ meeting approaching, global supply cues and geopolitical developments are expected to continue guiding price movements in the near term.

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