According to the American Petroleum Institute (API), US crude oil inventories decreased by 4 million barrels for the week ending October 24.
Crude oil futures traded lower on Wednesday morning despite data from an industry body that showed a decrease in US inventories for the week ending October 24.
At 9.57 am on Wednesday, January Brent oil futures were at $63.76, down by 0.11 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $60.09, down by 0.10 per cent. November crude oil futures were trading at ₹5,323 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,330, down by 0.13 per cent, and December futures were trading at ₹5,308 against the previous close of ₹5,314, down by 0.11 per cent.
According to the American Petroleum Institute (API), US crude oil inventories decreased by 4 million barrels for the week ending October 24. It had estimated a decline of 2.98 million barrels for the week ending October 17. US is one of the major consumers of crude oil in the world market.
Official data on US crude oil inventories from the US EIA (Energy Information Administration) is expected later on Wednesday. This data will give a clear picture on the crude oil inventories in the US.
Meanwhile, markets are waiting for US Federal Reserve Chair Jerome Powell’s announcement on policy rates. Markets participants are expecting the Federal Reserve to reduce interest rates by 25 basis points later on Wednesday.
Markets are also eagerly waiting for the outcome of the meeting between the US and Chinese presidents later this week. Trade tariff related issues are likely to be discussed in the proposed meeting.
November natural gas futures were trading at ₹338.70 on MCX during the initial hour of trading on Wednesday against the previous close of ₹341.60, down by 0.85 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December cottonseed oilcake contracts were trading at ₹2,937 in the initial hour of trading on Wednesday against the previous close of ₹2,930, up by 0.24 per cent.
December turmeric (farmer polished) futures were trading at ₹14,920 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹15,042, down by 0.81 per cent.
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Published on October 29, 2025