According to the industry body American Petroleum Institute (API), US crude oil inventories increased by 2.48 million barrels for the week ending November 28.
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Crude oil futures traded flat on Wednesday morning after industry data showed an increase in US inventories for the week ending November 28.
At 9.56 am on Wednesday, February Brent oil futures were at $62.49, up by 0.06 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $58.68, up by 0.07 per cent. December crude oil futures were trading at ₹5,299 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,309, down by 0.19 per cent, and January futures were trading at ₹5,296 against the previous close of ₹5,307, down by 0.21 per cent.
According to the industry body American Petroleum Institute (API), US crude oil inventories increased by 2.48 million barrels for the week ending November 28. US gasoline and distillate inventories increased by 3.1 million barrels and 2.88 million barrels, respectively, during the week.
Official data from the US EIA (Energy Information Administration) is expected later on Wednesday.
In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices traded lower on Tuesday with ICE Brent hitting its lowest level since late October. This weakness comes despite continued Ukrainian attacks on Russian energy infrastructure.
“Also, Moscow warns that it might start striking ships of countries supporting Ukraine. This threat comes in light of recent Ukrainian attacks on Russian vessels. It increases tensions amid ongoing discussions between Russia and the US on Ukraine. Moscow claims talks have been constructive so far. But clearly, the issue of territory will be tough to resolve,” they said.
December aluminium futures were trading at ₹276.80 on MCX during the initial hour of trading on Wednesday against the previous close of ₹274.60, up by 0.80 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹10,450 in the initial hour of trading on Wednesday against the previous close of ₹10,582, down by 1.25 per cent.
December turmeric (farmer polished) futures were trading at ₹14,600 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹14,686, down by 0.59 per cent.
Published on December 3, 2025