Crude oil prices extend losses on profit-taking and weaker demand
Crude oil prices took a sharp downturn on Monday, October 5, 2026, with both global benchmarks and MCX futures extending losses. The decline was driven by profit-taking after recent volatility, softer demand signals, and a stronger dollar. Traders reacted to these factors, leading to a notable drop in prices across the board.
The MCX Crude Oil (Main) contract fell to ₹8,670 per barrel, marking a decline of 2.3% to 2.8% from the previous close of ₹8,913, ₹8,916. The Mini contract saw a similar drop, trading between ₹8,692 and ₹8,603, with a change of -2.4% to -2.5%. Open interest also saw long unwinding as prices declined.
Internationally, the WTI Crude benchmark dropped to $89.98, $90.72 per barrel, a decrease of 0.7% to 1.2%. Brent Crude prices showed mild declines or mixed movements, ranging from $98.47 to $101.41 per barrel. The USD/INR exchange rate remained stable near ₹96.46.
The primary factors behind the decline included profit-booking after recent volatility, weaker global demand signals, and softer US economic data, which reduced some geopolitical risk premium. The next major catalyst for crude oil prices is expected to be the EIA Weekly Inventory Report, due on Wednesday, October 7, 2026.