Crude oil futures traded higher on Wednesday morning as industry data showed a decrease in crude oil inventories in the US.

At 9.56 am on Wednesday, January Brent oil futures were at $71.11, up by 0.54 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $67.61, up by 0.60 per cent.

November crude oil futures were trading at ₹5,701 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,668, up by 0.58 per cent, and December futures were trading at ₹5,684 against the previous close of ₹5,653, up by 0.55 per cent.

According to the industry body American Petroleum Institute (API), crude oil inventories in the US declined by 0.57 million barrels for the week ending October 25. Market was expecting an inventory build of 2.3 million barrels during the period.

Official data on crude oil inventory level in the US is expected later on Wednesday. The US EIA’s (Energy Information Administration) official data is expected to provide a clear picture on the crude oil inventory levels in the US.

Crude oil prices fell in Tuesday’s session following the reports of a potential meeting between the Israeli Prime Minister, his ministers, military heads, and intelligence officials to explore a diplomatic solution to the war in Lebanon.

November natural gas futures were trading at ₹243.20 on MCX during the initial hour of trading on Wednesday against the previous close of ₹241.50, up by 0.70 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were trading at ₹240.50 in the initial hour of trading on Wednesday against the previous close of ₹242.80, down by 0.95 per cent.

November dhaniya futures were trading at ₹7,268 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹7242, up by 0.36 per cent.

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