Crude Oil Trades Flat as US Inventories Rise; Brent at $62.49

Crude oil prices traded flat on Wednesday morning December 3, following industry data indicating an increase in US inventories. February Brent futures were at $62.49 per barrel, up 0.06%, while January WTI futures stood at $58.68, up 0.07%.

On the Multi Commodity Exchange (MCX), December crude oil futures were at ₹5,299, down 0.19%. January futures at ₹5,296 were down 0.21% during early trade.

Global Price Movements

Brent crude hovered near $62.49 per barrel, while WTI futures traded at $58.68, reflecting marginal gains. The subdued movement comes after oil prices fell on Tuesday, with ICE Brent hitting its lowest level since late October.

MCX Crude Oil Futures

On the domestic front, MCX December crude oil futures slipped to ₹5,299 from the previous close of ₹5,309, while January futures declined to ₹5,296 from ₹5,307. The slight pullback reflects profit-booking and global cues amid inventory build-up concerns.

US Inventory Data and Market Impact

According to the American Petroleum Institute (API), US crude oil inventories rose by 2.48 million barrels last week. Gasoline stocks increased by 3.1 million barrels, while distillate inventories climbed by 2.88 million barrels.

Read More: Gold and Silver Prices in India Post Stellar Yearly Gains.

Conclusion

Crude oil prices remained range-bound on Wednesday as traders assessed inventory data and awaited official confirmation from the EIA. While Brent and WTI posted marginal gains, MCX futures edged lower amid profit-booking.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.