Crude Oil Price Today: Brent at $109.96, WTI at $100.44 After Indian Market Close on 2 November 2026

Key Takeaways

• Brent crude was trading at approximately $109.96 per barrel, down around $3.48 or 3.06% in the live post-Indian-market snapshot.
• WTI crude was near $100.44 per barrel, lower by about $3.69 or 3.54%.
• The Brent-WTI spread was approximately $9.52 per barrel.
• The figures are live prices rather than final settlement prices, as the international crude trading session remained open after the Indian equity market had closed.
• Oil prices were lower as markets assessed diplomatic talks involving Iran and Qatar, while OPEC+ separately kept its December production requirements unchanged.

Crude Oil Price Today

Crude oil prices were lower on Monday, 2 November 2026, after the Indian equity market had closed.

Brent crude was trading at approximately $109.96 per barrel, down about $3.48 or 3.06%, while WTI was near $100.44 per barrel, lower by around $3.69 or 3.54% in the live market snapshot.

The difference between the two benchmarks stood at approximately $9.52 per barrel.

Source: Trading Economics live commodity-market snapshot retrieved after the Indian cash-market close on 2 November 2026. These are live market prices, not final ICE or NYMEX settlement figures.

Brent and WTI Prices

Brent-WTI spread: approximately $9.52 per barrel.

A consistent post-Indian-close intraday high-and-low range for both benchmarks was not available from a single comparable source, so those figures have not been combined from separate timestamps.

What Happened to Brent and WTI Today?

Crude prices moved lower as investors assessed a third consecutive day of talks involving Iranian and Qatari officials aimed at reaching an agreement to end the US-Israeli war on Iran.

Earlier in Monday's session, Reuters reported Brent at $109.75 per barrel and WTI at $100.69, with both benchmarks down more than 3% at that point. The discussions reduced some of the immediate concern surrounding additional disruption to Middle Eastern crude supplies and shipping.

Oil markets were also digesting the latest OPEC+ production decision.

Seven participating OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, decided on 1 November to maintain their September 2026 required production levels for December 2026. The group said it would continue reviewing market conditions through monthly meetings, with the next meeting scheduled for 29 November.

These developments formed part of Monday's supply-risk assessment, alongside continuing geopolitical uncertainty in the Middle East.

What Is the Difference Between Brent and WTI?

Brent is the principal international crude-oil benchmark and is widely used in the pricing of seaborne crude supplies.

WTI, or West Texas Intermediate, is the principal US crude benchmark and is associated with the NYMEX crude-oil futures market and physical delivery at Cushing, Oklahoma.

At the prices used in this article, Brent was approximately $9.52 per barrel more expensive than WTI.

The size of the spread can change because of differences in crude quality, regional supply and demand, transportation constraints, inventories and the specific futures contracts being compared.

Why Do Crude Prices Matter for India?

India's Import Bill

India meets a large part of its crude-oil requirement through imports.

For a given volume of imports and an unchanged exchange rate, a lower dollar price for crude reduces the value of the crude import bill. A higher crude price has the opposite mechanical effect.

The realised import cost also depends on the crude grades purchased, freight, insurance, refining requirements and the rupee-dollar exchange rate.

Inflation

Crude oil is an input into fuels, petrochemicals and a range of industrial products.

Changes in crude costs can therefore enter the economy through transport expenses, freight rates, packaging, petrochemical inputs and other energy-linked costs.

The extent and timing of transmission depend on taxes, administered prices, inventory levels, company pricing decisions and currency movements.

Airlines and Logistics

Aviation turbine fuel and diesel-related costs are important operating expenses for airlines, logistics businesses and transport operators.

Changes in underlying crude and refined-product prices can alter fuel costs, although the final financial effect also depends on hedging, fuel-efficiency measures, taxes and the ability to pass costs through to customers.

Paints, Chemicals and Manufacturing

Several paints, chemicals, plastics and synthetic materials use crude-linked derivatives or petrochemical feedstocks.

Changes in crude and derivative prices can therefore affect raw-material and working-capital costs. The impact varies substantially by product mix, contract structure and inventory cycle.

Refiners and Oil-Marketing Companies

Refiners purchase crude and sell refined products.

Their economics depend not simply on the absolute crude price but on the difference between crude-input costs and the realised prices of products such as petrol, diesel and aviation fuel.

For oil-marketing companies, retail pricing, taxes, inventory gains or losses and government policy can also affect realised margins.

Upstream Oil Producers

Revenue for crude-producing companies is linked, directly or indirectly, to realised oil prices.

Changes in international benchmarks can therefore influence revenue per barrel, although actual realisations depend on crude quality, contractual pricing, production volumes, royalties and other costs.

Rupee and External Balance

Oil imports create demand for foreign currency because international crude purchases are largely dollar-denominated.

All else being equal, changes in the dollar value of oil imports can affect India's merchandise trade balance, current-account flows and demand for dollars in the domestic foreign-exchange market.

These are economic transmission mechanisms rather than predictions of future currency or equity-market direction.