Oil prices ease as demand concerns re-emerge
Crude oil retreated after reaching a near six-month high as weaker 2026 demand expectations offset low inventories and geopolitical risks. Bharat Petroleum Corporation and Indian Oil Corporation rose, with futures open interest showing long build-up in OI Charts data.
pre-market1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹290.40
- On the day
- +3.00%
- Futures OI, long build-up
- +4.0%
- Put-call ratio
- 0.78
- Max pain
- ₹300.00
Crude oil retreated on Monday, 26 Oct 2026, after reaching a near six-month high last week. The pullback reflected renewed concern that elevated prices could weaken consumption, while the market continued to weigh recovering supply against geopolitical risks and reduced inventories. The International Energy Agency expects global oil demand to decline year over year in 2026, adding a demand-side constraint to an otherwise supply-sensitive market. 🛢️
Global inventories remain more than 500 million barrels below their level at the end of February, indicating that the supply recovery has not fully restored previous stock levels. Potential Houthi attacks and other geopolitical disruptions remain an upside risk for crude prices, but the combination of higher prices, recovering output and weaker expected demand is creating a more balanced and volatile outlook for the energy complex ⚡.
Indian oil marketing stocks strengthened despite the softer commodity signal. OI Charts data showed Bharat Petroleum Corporation closed at ₹290.40, up 3.0%, while Indian Oil Corporation gained 1.4% to ₹130.85 on 26 Oct. Futures open interest increased alongside the price for both companies, indicating a long build-up: open interest rose 4.0% for Bharat Petroleum Corporation and 1.2% for Indian Oil Corporation. Volumes were 75.6 lakh shares and 44.1 lakh shares, respectively.
The derivatives setup points to important near-term levels. For Bharat Petroleum Corporation, the ₹300 max-pain level and largest put open interest are close to the spot price, while the largest call open interest is at ₹320. For Indian Oil Corporation, max pain stands at ₹134, with the largest call open interest at ₹135 and the largest put open interest at ₹160. Both near-term futures expire on 27 Oct 2026, leaving limited time for positioning to adjust.
The next market cues are crude’s response to inventory data, fresh geopolitical developments and evidence of demand destruction. For the oil marketing sector, traders will also track whether the recent gains hold after the expiry and whether futures positioning remains supportive.
Source: TOKENPOST, 26 Oct 2026
Not investment advice. For informational purposes only.