Crude oil futures traded higher on Wednesday morning after industry data showed a decline in US inventories for the week ending August 15.
At 9.52 am on Wednesday, October Brent oil futures were at $65.89, up by 0.15 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $61.89, up by 0.19 per cent. September crude oil futures were trading at ₹5,408 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,400, up by 0.15 per cent, and October futures were trading at ₹5,394 against the previous close of ₹5,387, up by 0.13 per cent.
According to the industry body American Petroleum Institute (API), crude oil inventories in the US declined by 2.4 million barrels for the week ending August 15. Market was expecting it to decline by 1.2 million barrels.
Official data from the US EIA (Energy Information Administration) is expected later in the day. This will give a clear picture on crude oil inventory levels in the US.
However, recent geopolitical developments limited further gains in the price of the commodity.
In a social media post, US President Donald Trump had stated that the Russian and Ukrainian Presidents would meet soon to find a solution to end the war between them. He had also indicated a trilateral summit between them after that meeting. Market players feel that a positive outcome from these meetings could help ease sanctions on Russia. This, in turn, could help improve crude oil supplies to the global market.
August menthaoil futures were trading at ₹968.10 on MCX during the initial hour of trading on Wednesday against the previous close of ₹963.30, up by 0.50 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹3,335 in the initial hour of trading on Wednesday against the previous close of ₹3,331, up by 0.12 per cent.
September jeera futures were trading at ₹19,340 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹19,370, down by 0.15 per cent.
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Published on August 20, 2025