Crude oil futures traded lower on Friday morning after the latest data from the US EIA (Energy Information Administration) showed an increase in the US crude inventories for the week ending August 29.
At 9.57 am on Friday, November Brent oil futures were at $66.88, down by 0.16 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $63.34, down by 0.22 per cent. September crude oil futures were trading at ₹5600 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5611, down by 0.20 per cent, and October futures were trading at ₹5579 against the previous close of ₹5592, down by 0.23 per cent.
According to EIA, US commercial crude oil inventories increased by 2.4 million barrels for the week ending August 29. At 420.7 million barrels, US crude oil inventories were about 4 per cent below the five-year average for this time of year.
Total motor gasoline inventories decreased by 3.8 million barrels from last week and were about 2 per cent below the five-year average for this time of year. Distillate fuel inventories increased by 1.7 million barrels last week and were about 13 per cent below the five-year average for this time of year.
Propane / propylene inventories increased by 3.2 million barrels from last week and were 12 per cent above the five-year average for this time of year. Total commercial petroleum inventories increased by 7.1 million barrels for the week ending August 29.
Total products supplied over the last four-week period averaged 21.3 million barrels a day, up by 2.5 per cent from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, down by 0.8 per cent from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 4.2 per cent from the same period last year. Jet fuel product supplied was up 4.4 per cent compared with the same four-week period last year.
Meanwhile, US President Donald Trump has asked the European leaders to stop buying Russian oil. A Reuters report said that Trump joined a call of the ‘Coalition of the Willing’ countries, led by French President Emmanuel Macron, who were meeting on security guarantees for Kyiv in the event of a peace deal with Russia.
Quoting an unnamed White House official, the report said: “President Macron and European leaders called President Trump into their ‘Coalition of the Willing’ meeting. President Trump emphasized that Europe must stop purchasing Russian oil that is funding the war – as Russia received 1.1 billion euros in fuel sales from the EU in one year.”
September copper futures were trading at ₹904.50 on MCX during the initial hour of trading on Friday against the previous close of ₹899.75, up by 0.53 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September dhaniya contracts were trading at ₹8214 in the initial hour of trading on Friday against the previous close of ₹8068, up by 1.81 per cent.
September cottonseed oilcake futures were trading at ₹3362 on NCDEX in the initial hour of trading on Friday against the previous close of ₹3387, down by 0.74 per cent.
Published on September 5, 2025