Oil steadies after 3-day fall amid inventory drop; markets await Powell?s cues

Oil prices ticked higher on Wednesday, with WTI crude rising 0.5% to $60.5 per barrel in Asian trade, snapping a three-day losing streak. The rebound came as traders weighed the effects of US sanctions on Russia and a larger-than-expected 4-million-barrel drop in US crude inventories. MCX November crude futures also edged up to ₹5332 per barrel. Markets now await the US Federal Reserve?s policy decision, where a quarter-point rate cut is anticipated, with focus on Chair Jerome Powell?s remarks for future guidance. Sentiment was also supported by expectations around the Trump-Xi meeting, which could ease trade tensions and steady global demand outlook.

Powered by Commodity Insights