Brent Crude trading lower at $60.70/bbl

Crude oil fell Rs 23 to Rs 5,200 per barrel in the futures trade on Friday, amid weak global trends as oversupply concerns weighed on prices. Crude oil futures for January delivery slipped by Rs 23, or 0.44 per cent, to Rs 5,200 per barrel in a business turnover of 18,114 lots.

The February contract dipped by Rs 22, or 0.42 per cent, to Rs 5,210 per barrel in 2,222 lots. According to Axis Securities, crude oil prices are trading lower by close to 1 per cent, marking its worst annual decline since 2020, with prices down by 20 per cent last year.

“Oversupply concerns and tariff-related uncertainties weighed on the market. Geopolitical tension and demand-side challenges are likely to keep crude prices range-bound for a few months in 2026,” the brokerage firm said in a note.