Crude oil futures rise as US industry data shows decline in inventories
At 10.02 am on Wednesday, January Brent oil futures were at $92.42, up 1.02%, and December crude oil futures on WTI were at $86.63, up 0.69%
Crude oil futures prices surged on Wednesday as US industry data revealed a drop in inventories. At 10:02 am, January Brent oil futures were trading at $92.42, a 1.02 percent increase, while December crude oil futures on WTI were at $86.63, up 0.69 percent. November crude oil futures on MCX opened at ₹8128, a 0.40 percent rise, and December futures opened at ₹8058, up 0.42 percent.
The American Petroleum Institute (API) reported a 9.8 million barrel decrease in US crude oil inventories for the week ending November 6, surpassing market expectations of a 1 million barrel decline. The US Energy Information Administration's official data is due later on Wednesday for a comprehensive view of the US crude oil inventories.
Separately, a Reuters report cited data from the Washington Institute for Near East Policy, stating that 37 ships were attacked in the Strait of Hormuz and surrounding waters in October, with 10 attacks reported in November. Reports indicate that Iran may be relaxing its stance on controlling the Strait of Hormuz, reducing concerns over potential disruptions to a crucial oil transit route.
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