Crude oil futures traded lower on Thursday morning after the US and Iran concluded their indirect talks in Qatar without reaching an agreement.
At 10.02 am on Thursday, September Brent oil futures were at $70.83, down by 1.03 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $67.84, down by 1.08 per cent. July crude oil futures were trading at ₹6469 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6525, down by 0.86 per cent, and August futures were trading at ₹6498 against the previous close of ₹6552, down by 0.82 per cent.
Quoting unnamed sources, a Reuters report said negotiators for the two countries spent two days in Doha discussing maritime traffic in the Strait of Hormuz and unfreezing Iran’s funds. There was no sign they had made headway toward a lasting peace.
Qatar’s Foreign Ministry said the next meeting will take place after funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is due to be buried on July 9.
Meanwhile, the petroleum status report released by the US EIA (Energy Information Administration) for the week ending June 26 showed a decline in crude oil inventories.
According to EIA, US commercial crude oil inventories decreased by 3.8 million barrels from the previous week. At 408.4 million barrels, US crude oil inventories were about 7 per cent below the five-year average for this time of year.
Total motor gasoline inventories decreased by 2.3 million barrels from last week and were 7 per cent below the five-year average for this time of year. Distillate fuel inventories increased by 2.5 million barrels last week and were about 8 per cent below the five-year average for this time of year.
Total products supplied in the US over the last four-week period averaged 20.6 million barrels per day, up by 1.7 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9 million barrels per day, down by 2.6 per cent from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 1.9 per cent from the same period last year. Jet fuel product supplied was up 0.6 per cent compared with the same four-week period last year.
July natural gas futures were trading at ₹304.90 on MCX during the initial hour of trading on Thursday against the previous close of ₹306.80, down by 0.62 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September Mumbai Raindall contracts were trading at ₹2250 in the initial hour of trading on Thursday against the previous close of ₹2228, up by 0.99 per cent.
July cottonseed oilcake futures were trading at ₹3663 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹3674, down by 0.30 per cent.
Published on July 2, 2026
