Crude oil prices declined by 1.82%, settling at ₹5,704, driven by persistent concerns about the global oil demand outlook. The drop was fueled by weaker-than-expected U.S. private sector and non-farm payroll growth data, alongside the possibility of increased oil supply from Libya.
OPEC+ is reportedly nearing an agreement to delay the planned October oil output increase, which was set to add 180,000 barrels per day. This decision comes in response to crude prices hitting their lowest levels in nine months and the group's efforts to support market prices amid demand uncertainty and rising non-OPEC supply.