Crude oil prices traded sharply higher in the domestic commodities market on Tuesday, January 13, with MCX crude oil futures (continuous contract) rising over 2% during the session.
At around 3:00 PM IST, crude oil futures were trading at Rs 5,465 per barrel, up Rs 130, or 2.44%, from the previous close. The upmove extended gains seen earlier in the session, keeping prices near the day’s highs.
The rally comes after a steady upward move through the day, with crude oil futures climbing from the Rs 5,380–5,400 range and strengthening sharply in afternoon trade. The intraday chart showed consistent buying interest, pushing prices decisively above the Rs 5,450 mark.
Global oil market backdrop remains mixed
Meanwhile, global oil markets continue to navigate a complex outlook. In a recent note, Goldman Sachs said oil prices are likely to drift lower over 2026 due to rising global supply and a projected market surplus, even as geopolitical risks keep volatility elevated.
The investment bank expects Brent and WTI crude prices to face pressure as global oil inventories build, although it flagged that geopolitical developments linked to Russia, Venezuela, and Iran could continue to cause sharp short-term price swings. Goldman Sachs also noted that sustained upside in oil prices may remain capped in the near term amid strong supply growth and policy focus on energy affordability.
Globally, Brent crude was trading around $63 per barrel, while WTI crude hovered near $59 per barrel in early trade. Both benchmarks had recorded their weakest annual performance since 2020 last year, with declines of nearly 20%.
Despite expectations of lower prices in the near term, the bank said oil prices could see a gradual recovery from 2027 onward as non-OPEC supply growth slows and demand remains resilient over the medium to long term.
For now, crude oil prices remain volatile, with domestic futures reflecting intraday momentum even as broader global cues stay mixed.
