Crude oil futures traded marginally higher on Wednesday morning despite industry data showing a rise in US inventories.
At 9.56 am on Wednesday, October Brent oil futures were at $66.17, up by 0.08 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $63.19, up by 0.03 per cent. August crude oil futures were trading at ₹5,544 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,548, down by 0.07 per cent, and September futures were trading at ₹5,499 against the previous close of ₹5,506, down by 0.13 per cent.
According to the industry body American Petroleum Institute (API), crude oil inventories in the US increased by 1.52 million barrels for the week ending August 8. However, market was expecting a decline in the US crude oil inventories during the period.
In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said API inventory numbers were fairly neutral. US crude oil inventories increased by 1.5 million barrels over the last week. For refined products, gasoline stocks fell by 1.8 million barrels, while distillate inventories increased by 300,000 barrels, they said.
Markets are awaiting the release of official data from the US EIA (Energy Information Administration) later on Wednesday.
Markets players hope that the proposed meeting between the Presidents of the US and Russia in Alaska on Friday could help remove the risk of some sanctions on Russia.
ING Think’s Commodities Feed said that the OPEC’s monthly oil market report made no changes to its 2025 demand and non-OPEC+ supply numbers. OPEC increased its oil demand growth forecasts for 2026 by 1,00,000 barrels a day to 1.38 million barrels a day, while non-OPEC+ supply growth was cut by 1,00,000 barrels a day to 6,30,000 barrels a day.
“This leaves the market tighter than previously forecast. The release also shows that OPEC increased supply by 2,63,000 barrels a day month-on-month in July to 27.54 million barrels a day. Saudi Arabia and the UAE drove most of the increase,” the Commodities Feed said.
August mentha oil futures were trading at ₹995.20 on MCX during the initial hour of trading on Wednesday against the previous close of ₹1,009.60, down by 1.43 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August jeera contracts were trading at ₹18,860 in the initial hour of trading on Wednesday against the previous close of ₹18,940, down by 0.42 per cent.
August guarseed futures were trading at ₹5,156 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹5,174, down by 0.35 per cent.
Published on August 13, 2025