Market players feel that an end to the war between Russia and Ukraine would help increase crude oil supplies to the global markets. | Photo Credit: istock.com
At 9.57 am on Thursday, February Brent oil futures were at $62.92, up by 0.40 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $59.26, up by 0.53 per cent. December crude oil futures were trading at ₹5,359 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5356, up by 0.06 per cent, and January futures were trading at ₹5,358 against the previous close of ₹5,346, up by 0.22 per cent.
Quoting a Ukrainian military intelligence source on Wednesday, a Reuters report said Ukraine hit the Druzhba oil pipeline in Russia’s central Tambov region. This is the fifth attack on the pipeline that sends Russian oil to Hungary and Slovakia. The pipeline operator and Hungary’s oil and gas company later said supplies were moving through the pipeline as normal, it said.
Meanwhile, the talks between the US and Russia to end Ukraine war ended without any result. However, US President Donald Trump said the meeting between Russian President Vladimir Putin and US envoys was reasonably good.
Speaking to reporters at the Oval Office, Trump said the US special envoy Steve Witkoff and his son-in-law Jared Kushner briefed him about the talks. Their impression from the meeting was that Putin would like to make a deal. “What happens now, however, is unclear,” Trump said.
Market players feel that an end to the war between Russia and Ukraine would help increase crude oil supplies to the global markets.
The weekly petroleum status report released by the US EIA (Energy Information Administration) showed an increase in crude oil inventories in the US for the week ending November 28.
According to EIA, US commercial crude oil inventories increased by 0.6 million for the week ending November 28. Total motor gasoline inventories increased by 4.5 million barrels from last week, and distillate fuel inventories increased by 2.1 million barrels last week.
Total products supplied in the US over the last four-week period averaged 20.3 million barrels a day, down by 0.5 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 1.2 per cent from the same as the last year period. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2 per cent from the same period last year. Jet fuel product supplied was down 1.9 per cent compared with the same four-week period last year.
December nickel futures were trading at ₹1,346 on MCX during the initial hour of trading on Thursday against the previous close of ₹1329.60, up by 1.23 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December jeera contracts were trading at ₹21,705 in the initial hour of trading on Thursday against the previous close of ₹21,600, up by 0.49 per cent.
December dhaniya futures were trading at ₹10,382 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹10530, down by 1.41 per cent.
Published on December 4, 2025
