Oil nears $64 as us stockpiles fall, eyes on US inventory data

WTI crude oil futures climbed close to $64 per barrel on Wednesday, extending a near 2% rally from the previous session. Gains followed API data showing a 3.8 million barrel draw in US crude inventories, the biggest in seven weeks, heightening supply concerns. Exports from Iraq?s Kurdistan region also remained stalled amid unresolved debt repayment guarantees, keeping shipments to Turkey offline. On MCX, October crude oil futures edged 0.3% higher to ₹5651 per barrel. Traders now await official US inventory data for further direction, with geopolitical tensions in Russia-Ukraine adding an undercurrent of support.

Powered by Commodity Insights