Crude oil futures traded higher on Wednesday morning as industry data showed a decline in US crude oil inventories.
At 10.02 am on Wednesday, January Brent oil futures were at $92.42, up by 1.02 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $86.63, up by 0.69 per cent. November crude oil futures were trading at ₹8128 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8096, up by 0.40 per cent, and December futures were trading at ₹8058 against the previous close of ₹8024, up by 0.42 per cent.
According to the industry body American Petroleum Institute (API), crude oil inventories in the US declined by 9.8 million barrels for the week ending November 6. Market was expecting the decline to be around 1 million barrels during the period.
Official data from the US Energy Information Administration is expected later on Wednesday. This will give a clear picture on crude oil inventories in the US for the week ending November 6.
Meanwhile, a Reuters report, which quoted the data from the Washington Institute for Near East Policy, said 37 ships were attacked in the Strait of Hormuz and surrounding waterways in October. It said 10 attacks have been recorded so far in November.
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said crude exports from the Persian Gulf are estimated to have returned to around 80-85 per cent of pre-war levels, including pipeline volumes, while refined product shipments have recovered to roughly 35-40 per cent. Reports that Iran may be softening its position on control of the Strait of Hormuz have also reduced concerns over a prolonged disruption to one of the world’s most important oil transit routes, they said.
November nickel futures were trading at ₹1540 on MCX during the initial hour of trading on Wednesday against the previous close of ₹1523.50, up by 1.08 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹28794 in the initial hour of trading on Wednesday against the previous close of ₹28414, up by 1.34 per cent.
November jeera futures were trading at ₹28730 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹28460, down by 0.95 per cent.
Published on November 11, 2026
