Oil steadies near $62.8 as US crude stocks fall

WTI crude oil futures traded around $62.8 per barrel on Wednesday, recovering slightly after a two-day slide. Support came from API data showing a 3.7 million-barrel drop in US crude inventories, though rising gasoline and distillate stocks capped gains. Traders also weighed potential OPEC+ production increases against ongoing demand risks from geopolitical tensions and the US government shutdown. On the domestic front, MCX October crude futures rose 0.4% to ₹5589 per barrel. Attention now shifts to official EIA data for confirmation of the inventory trend, while markets also await clarity on OPEC+ supply strategy ahead of its next policy meeting. Any extended US shutdown could further pressure global demand outlook.

Powered by Commodity Insights