Crude oil futures traded higher on Thursday morning after official data showed a decline in US inventory levels for the week ending November 14.
At 9.58 am on Thursday, January Brent oil futures were at $63.68, up by 0.25 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $59.43, up by 0.30 per cent. December crude oil futures were trading at ₹5288 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5258, up by 0.57 per cent, and January futures were trading at ₹5288 against the previous close of ₹5252, up by 0.69 per cent.
According to US EIA (Energy Information Administration), US commercial crude oil inventories decreased by 3.4 million barrels for the week ending November 14. At 424.2 million barrels, US crude oil inventories were about 5 per cent below the five-year average for this time of year.
Total motor gasoline inventories increased by 2.3 million barrels from last week, and distillate fuel inventories increased by 0.2 million barrels for the week ending November 14.
Total products supplied in the US over the last four-week period averaged 20.6 million barrels a day, down by 0.2 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 1.2 per cent from the same as the last year period. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 0.2 per cent from the same period last year. Jet fuel product supplied in the US was up 2.7 per cent compared with the same four-week period last year.
In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices came under pressure on Wednesday, with ICE Brent settling about 2.1 per cent lower. Some of the downward pressure is derived from reports that the US and Russia are working on a new peace plan for Ukraine.
“However, with suggestions that the plan is favourable towards Russia, it may be unlikely that Ukraine will back it. Signs that the US is still trying to work on a deal eases some concerns over further sanctions against Russia and also how strongly current curbs will be enforced,” they said.
November aluminium futures were trading at ₹265.90 on MCX during the initial hour of trading on Thursday against the previous close of ₹264.60, up by 0.49 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹14,700 in the initial hour of trading on Thursday against the previous close of ₹14,540, up by 1.10 per cent.
December jeera futures were trading at ₹21,575 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹21,480, up by 0.44 per cent.
Published on November 20, 2025