Crude oil futures slipped on Thursday morning following a U.S. Energy Information Administration (EIA) report showing a 3.5 million barrel increase in U.S. commercial crude inventories for the week ending May 9. Despite the rise, inventories remain about 6% below the five-year average.
At 9:55 AM, July Brent crude futures were down 2.12% at $64.69 per barrel.
June WTI crude futures fell 2.19% to $61.77 per barrel.
On India’s MCX, May crude futures dropped 2.27% to ₹5,295, while June futures declined 2.28% to ₹5,278.
Gasoline inventories showed a mixed picture: total motor gasoline stocks decreased by 1 million barrels, while finished gasoline inventories increased and blending components fell. Over the past four weeks, total U.S. product supplied averaged 19.9 million barrels per day, down 1.2% year-on-year, with motor gasoline supply up 3.8%, distillate fuel up 1.4%, and jet fuel up 6.4%.
Market sentiment was further influenced by renewed optimism around a potential Iran-U.S. nuclear deal. According to an NBC News interview, Iran expressed willingness to commit to nuclear restrictions in exchange for sanctions relief, which could boost global oil supply.
OPEC’s latest Monthly Oil Market Report revised down the supply growth forecasts for non-OPEC producers in 2025 and 2026 by 0.1 million barrels per day, with key growth expected from the U.S., Brazil, Canada, and Argentina.
Other Commodities:
- May aluminium futures on MCX edged down 0.23% to ₹243.40.
- May jeera contracts on NCDEX fell 0.48% to ₹21,550.
- June guarseed futures on NCDEX declined 0.25% to ₹5,140.
