India imports about 88% of its oil, so crude prices reach far beyond the commodity market. This guide covers the contracts, what drives the price and the risks to know before you trade.
Crude Oil in 30 second s
Crude oil futures in India track WTI, the main US oil benchmark traded on NYMEX. The rupee price is simply the dollar price converted at the USD/INR rate. Contracts are settled in cash, so no oil ever changes hands. Crude matters well beyond traders. India imports about 88% of the oil it uses, so oil prices feed into the rupee, inflation and many stock s.
Contract snaps hot
| Contract | Lot size | Price quoted per | Value of a ₹1 move | Expiry day | Delivery unit |
|---|---|---|---|---|---|
| Crude Oil | 100 barrels | 1 barrel | ₹100.00 | One trading day before the matching NYMEX WTI contract expires | Cash |
| Crude Oil Mini | 10 barrels | 1 barrel | ₹10.00 | Same as Crude Oil | Cash |
Expiry usually falls between the 16th and 20th of the month. The October 2026 contract expires on 19 Oct 2 026.
- Trading hours:9:00 AM to 11:30 PM while US daylight saving is on. From 2 Nov 2026, trading runs until 11:55 PM.
- Tick size:₹1 per barrel on both cont racts.
- Expiry months: every month. New contracts are listed about six months ahead.
- Final settlement price: the NYMEX WTI settlement price on the last trading day, converted at the RBI USD/INR referen ce rate.
- Margin: at least 10% of contract value, plus a 1% extreme-loss margin. Expect more when prices are volatile.
- Daily price limit:4% in either direction, widened to 6% without a pause. If 6% is breached, trading pauses for 15 minutes, and the limit widens to 9%. Further 3% steps follow if global prices m ove more.
- Options: available on Crude Oil and Crude Oil Mini.
- Also trades on: NSE, with WTI crude futures of 100 and 10 barrels, plus Brent cr ude futures.
What moves the cr ude oil price
- OPEC+ decisions. The group of oil producers led by Saudi Arabia and Russia sets output targets. In 2025, it raised output by about 2.9 million barrels a day, which pushed pri ces down.
- Wars and supply shocks. About a fifth of the world’s oil passes through the Strait of Hormuz. The 2026 Iran war disrupted it, and WTI w ent above $110.
- Global demand. Oil use rises with economic growth, travel and factory activity. Slowdown fears in China, the US or Europe w eigh on prices.
- US stock levels. The weekly EIA inventory report shows whether US crude stocks are rising or falling. A surprise build is usually bearish.
- The US dollar. Oil is priced in dollars. A stronger dollar makes oil dearer for other countries and ca n weigh on demand.
- The rupee. A weaker rupee raises the Indian crude price even if W TI stays flat.
Crude Oil over five years
| End of | Price in India (₹ per barrel) | WTI price ($ per barrel) | What happened |
|---|---|---|---|
| 2021 | about 5,600 | about 75 | Demand recovered as economies reopened after Covid |
| 2022 | about 6,650 | about 80 | Russia-Ukraine war; Brent briefly near $140 in March |
| 2023 | about 5,950 | about 72 | OPEC+ output cuts offset by worries about demand |
| 2024 | about 6,150 | about 72 | Middle East tensions, but ample supply kept prices flat |
| 2025 | about 5,150 | about 57 | Biggest yearly fall since 2020, down about 20%, as OPEC+ added supply |
| 30 Sep 2026 | about 9,200 | about 96 | Iran war shut much of the Strait of Hormuz; prices passed $100 in March |
In 2026, WTI spot prices peaked at about $115 a barrel. Brent briefly touched $126 in futures tr ading on 30 Apr 2026.
Calendar to watch
| Route | What you hold | Good for |
|---|---|---|
| EIA weekly petroleum report | Wednesday, 8:00 PM IST (9:00 PM IST from 4 Nov 2026) | Shows changes in US crude and fuel stocks |
| OPEC+ meetings | Usually monthly for the main producers | Output targets can move prices sharply |
| US jobs and inflation data | Monthly | Shapes the outlook for US growth and interest rates |
| US driving season | Late May to early September | Fuel demand peaks in summer |
| Atlantic hurricane season | 1 Jun to 30 Nov | Storms can shut US Gulf output and refineries |
How to read crude oil alongside other markets
- Crude up, oil marketing stocks down: companies like IOC, BPCL and HPCL often fall when crude rises. Higher costs can squeeze their margins.
- Crude up, upstream stocks up: producers like ONGC and Oil India tend to gain from higher prices.
- Crude up, rupee down: India pays for oil in dollars, so higher prices raise demand for dollars. Airline and paint stocks also feel the cost.
- WTI against Brent: Brent is the benchmark for most oil India buys. The gap between the two can widen sharply during supply shocks, as it did i n 20 26.
Risks to know
- Leverage: futures need only a margin of about 10% or more, so losse s can exceed what you put in.
- Overnight gaps: most big moves come in Indian evening hours, when U S markets and news are active.
- Headline risk: a single statement on war, sanctions or OPEC+ output can mov e prices 5% or more in minutes.
- Expiry timing: crude contracts expire mid-month, not at month end. Roll over in time if you want to st ay in th e trade.
Quick FAQs
Do Indian crude oil futures track Brent?No. The main contracts track US WTI cr ude. NSE also lists Brent futures.
Can I take delivery of crude oil?No. All crude oil contracts are settled in cash.
What is the smallest crude oil contrac t? Crude Oil Mini, at 10 barrels.
Do I need a separate account to trade crude oil futures? No, but you need the commodity segment activated. In the FYERS app, go to Profile, then Segments, activate Commodity, upload income proof (such as your latest ITR, 6 months’ bank statement or 3 months’ salary slips) and e-sign with Aadhaar OTP.