Crude oil futures showed minor fluctuations Thursday morning, driven by ongoing concerns over supply risks amid tightening sanctions. As of 9:54 a.m., February Brent oil futures were at $73.58, up 0.08%, while January WTI (West Texas Intermediate) futures were at $70.28, slightly down by 0.01%.
In the Indian market, December crude oil futures on the Multi Commodity Exchange (MCX) traded at ₹5967, reflecting a 0.56% increase from the previous close of ₹5934. January futures were also up by 0.52%, at ₹5960.
On Wednesday, the European Union unveiled its 15th sanctions package against Russia in response to the ongoing conflict with Ukraine. U.S. Treasury Secretary Janet Yellen emphasized efforts to reduce Russia’s oil revenue, while Russia retaliated, claiming the Biden administration seeks to damage US-Russia relations with its latest sanctions move.
The latest U.S. Energy Information Administration (EIA) report showed a decrease in crude oil inventories, with a drop of 1.4 million barrels for the week ending December 6. At 422 million barrels, U.S. crude inventories were approximately 6% below the five-year average for this time of year. Meanwhile, product inventories increased, with motor gasoline rising by 5.1 million barrels and distillate fuels by 3.2 million barrels.
The EIA also reported a 0.9% year-on-year increase in total products supplied, averaging 20.1 million barrels per day over the past four weeks. U.S. crude oil imports, however, fell by 1.3 million barrels per day, averaging 6 million barrels per day last week.
Global demand for oil, however, remains subdued. According to the latest report from OPEC+, world oil demand is expected to grow by 1.4 million barrels per day in 2025, with a slight downward revision of 90,000 barrels daily. This adjustment primarily affects the third quarter of 2025, with total global oil demand projected to reach 106.9 million barrels per day in the fourth quarter of 2025.
In other commodities, December copper futures on MCX traded at ₹833.15, up by 0.43%, while December dhaniya and January guargum futures saw modest gains, rising by 0.33% and 0.37%, respectively, in early trading on Thursday.
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