WTI crude tops $63 on surprise US inventory draw

WTI crude oil futures climbed past $63 per barrel on Thursday, extending the previous session?s advance after US data showed a sharper-than-expected drop in stockpiles. EIA reported a 6-million-barrel decline last week, bringing inventories down to 420.7 million barrels, signaling steady demand. On the domestic front, MCX September crude oil futures rose ₹38 to trade at ₹5514 per barrel. Investors also kept a close watch on Russia-Ukraine peace talks, as progress could ease sanctions on Russian crude and shift global supply flows.

Powered by Commodity Insights