Crude oil futures remained steady on Wednesday morning following a report indicating an increase in US inventories for the week ending November 28. As of 9:56 AM, February Brent oil futures were trading at $62.49, up by 0.06 percent, while January crude oil futures on West Texas Intermediate (WTI) were priced at $58.68, reflecting a 0.07 percent rise. On the Multi Commodity Exchange (MCX), December crude oil futures were trading at ₹5,299, a decrease of 0.19 percent from the previous close of ₹5,309, while January futures dropped to ₹5,296, down by 0.21 percent from ₹5,307.
The American Petroleum Institute (API) reported that US crude oil inventories increased by 2.48 million barrels during the specified week, alongside gains in US gasoline and distillate inventories, which rose by 3.1 million and 2.88 million barrels, respectively. Official data from the US Energy Information Administration (EIA) is anticipated later today.
In their Wednesday report, Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, noted that oil prices experienced a decline on Tuesday, with ICE Brent reaching its lowest point since late October. This downturn occurred despite ongoing Ukrainian strikes on Russian energy infrastructure.
Additionally, they highlighted a warning from Moscow regarding potential strikes on vessels from nations backing Ukraine, amidst increased tensions in light of recent attacks on Russian ships. Moscow asserted that discussions with the US concerning Ukraine have been constructive, though the territorial disputes remain complex.
On the MCX, December aluminium futures opened at ₹276.80, reflecting an increase of 0.80 percent from the previous close of ₹274.60. Meanwhile, on the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹10,450, down by 1.25 percent from ₹10,582, and December turmeric futures (farmer polished) were priced at ₹14,600, a decline of 0.59 percent from the previous close of ₹14,686.
Published on December 3, 2025.
