MARKET NEWS MCX: Crude oil prices moved higher on Monday as global markets reacted to rising geopolitical tensions and renewed concerns over supply disruptions. Benchmark Brent crude edged closer to $61 per barrel, while US WTI crude also recorded gains, supported by developments in the Russia-Ukraine peace talks and escalating tensions in the Middle East.
Oil prices remain volatile as traders closely monitor global supply risks, demand outlook, and geopolitical signals that could impact crude oil production and exports.
Brent and WTI Crude Oil Prices Today
On Monday’s trade:
Brent crude oil was trading at $60.87 per barrel, up 0.7% from Friday’s close of $60.43
West Texas Intermediate (WTI) crude stood at $57.27 per barrel, gaining nearly 0.7% compared to last week’s $56.86
The upward movement reflects heightened market uncertainty over global supply chains and geopolitical developments affecting oil-producing regions.
Russia-Ukraine Peace Talks Influence Oil Market Sentiment
Oil prices were supported after US President Donald Trump stated that significant progress had been made toward ending the Russia-Ukraine war following talks with Ukrainian President Volodymyr Zelenskyy.
Zelenskyy confirmed that:
Around 90% of the proposed 20-point peace plan has been agreed
US-Ukraine security guarantees are fully finalized
US-Europe-Ukraine security cooperation is nearing completion
The military framework is 100% agreed
A long-term economic prosperity plan is still under discussion
Markets are factoring in the possibility of reduced geopolitical risk in Eastern Europe, even as uncertainties remain.
Middle East Tensions Raise Global Oil Supply Concerns
Despite progress on the Ukraine front, oil markets remain cautious due to rising tensions in the Middle East.
Saudi Arabia’s air operations in Yemen
Strong remarks from Iranian President Masoud Pezeshkian, who described Iran as being in a state of “comprehensive war” with the US, Israel, and Europe
Pezeshkian warned that the current situation is more complex than the Iran-Iraq war, accusing Western nations of attempting to destabilize Iran. These developments have raised fears of potential disruptions to oil shipments from the region.
Global Oil Supply May Outpace Demand in 2026
While geopolitical risks are supporting prices in the short term, international energy agencies and market analysts caution that:
Rising non-OPEC oil production
Slower global demand growth
Increasing supply from the US and other producers
could lead to global oil supply exceeding demand by 2026, limiting further upside in crude oil prices.
US Oil Rig Count Rises: Baker Hughes Data
According to the latest Baker Hughes rig count released on Friday:
US oil rigs increased by 3, reaching 409 rigs for the week ending December 26
Despite the weekly increase, the rig count is 74 rigs lower than a year ago, indicating restrained long-term production growth
The oil rig count is considered a key indicator of near-term US crude oil output.
Outlook for Crude Oil Prices and MCX Trends
Crude oil prices are expected to remain range-bound and volatile in the near term as markets balance:
Geopolitical risks
Supply disruptions
US production data
Global demand expectations
Indian traders will also watch MCX crude oil prices, global cues, and currency movement for further direction.
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