Base Oil (N150) in Delhi

Crude oil futures traded higher on Wednesday morning after a sharp decline in the previous session. Brent oil futures (December): $74.47, up 0.30%. WTI futures (November): $70.83, up 0.35%. MCX crude oil futures (October): ₹5,953, up 0.51% from the previous close of ₹5,923. MCX crude oil futures (November): ₹5,931, up 0.58% from the last close of ₹5,897

Oil prices steadied in Asian trading on Wednesday as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose by 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. U.S. West Texas Intermediate futures rose by 3 cents to $73.60 a barrel. MCX crude oil prices opened at 6228, with a fall of 0.26%.

Oil prices fell on Wednesday and were set to snap a two-session winning streak ahead of a likely interest rate cut by the U.S. Federal Reserve, as weak macroeconomic data weighed on demand despite the potential for more violence in the Middle East.

Crude prices rebounded on Wednesday as concerns about Tropical Storm Francine disrupting oil supply outweighed worries about demand. Brent crude futures rose 39 cents, or 0.6%, to $69.58 a barrel by 0031 GMT, while U.S. crude futures were up 44 cents, or 0.7%, to $66.19 a barrel. MCX crude oil prices opened at 5611, with a 1.41% rise.

Brent crude futures for November fell 28 cents, or 0.4%, to $73.47 at 0052 GMT after dropping 4.9% in the previous session. U.S. West Texas Intermediate crude futures for October were down 31 cents, or 0.4%, to $70.03 after dropping 4.4% on Tuesday. MCX crude oil prices opened at 5900 with a fall of 0.32%.

Crude oil futures in Asian trading hours Wednesday were moving sideways, with markets so far this week torn between conflicting pricing signals, making for volatile trading conditions.

Brent crude futures were up by 3 cents to $76.08 a barrel. U.S. West Texas Intermediate crude futures fell by 5 cents, trading at $71.88 at 0036 GMT. In the previous session, both contracts lost over $1, or more than 1%. MCX crude oil prices opened at ₹6,245, down by 2.95%.

August crude oil futures were trading at ₹6,679 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday, up by 0.26 per cent from the previous close of ₹6,662. September futures were trading at ₹6,549, down by 0.09 per cent from the previous close of ₹6,555.

Brent crude futures fell 21 cents, or 0.27%, to $76.27 a barrel by 0020 GMT. U.S. West Texas Intermediate crude slipped 25 cents, or 0.34%, to $72.95 per barrel. MCX Crude oil prices opened at 6169 with a fall of 0.27%.