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Commodity News Details
Oil spikes 3% on US sanctions against Russian giants
23-Oct-2025 13:37
WTI crude oil futures surged over 3% to near $61 per barrel on Thursday, hitting a two-week high after the US imposed sanctions on major Russian producers Rosneft and Lukoil, intensifying pressure on Moscow amid the Ukraine conflict. The move lifted oil from a five-month low reached earlier this week, aided by a drop in US crude inventories that eased oversupply fears. Despite the rebound, global supply concerns persist, keeping futures on track for a third consecutive monthly decline. MCX November crude oil futures rose nearly 4% to Rs 5329 per barrel.

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