Crude oil futures traded higher on Wednesday morning as the market awaited the release of key data on US crude oil inventories, the monthly report from OPEC+ (Organization of the Petroleum Exporting Countries, and allies), and the US consumer price index.

At 9.56 am on Wednesday, February Brent oil futures were at $72.53, up by 0.47 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $68.94, up by 0.51 per cent.

December crude oil futures were trading at ₹5857 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5845, up by 0.21 per cent, and January futures were trading at ₹5856 against the previous close of ₹5844, up by 0.21 per cent.

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According to the industry body American Petroleum Institute (API), crude oil inventories in the US increased by 0.49 million barrels for the week ending December 6. Market was forecasting it to decline by 1.30 million barrels during the period.

Market players are now waiting for the release of official data on US crude oil inventories by the US EIA (Energy Information Administration) later on Wednesday.

Market is also waiting for the release of monthly report by the OPEC+ later in the day. OPEC’s monthly report will give key insights into the global oil market. It is to be noted here that OPEC+ had recently taken a decision to delay its plans to increase production output increase by three months.

The US consumer price index data is expected to be released later on Wednesday. This data could influence the interest outlook of the US Federal Reserve.

China’s plans to introduce policy stimulus measures to boost its economy also supported the price of the commodity. Citing a report from the Chinese media Xinhua, news reports on Monday said China’s policy stimulus measures will focus on ‘unconventional’ counter-cyclical adjustments, focusing on expanding domestic demand and boosting consumption.

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December natural gas futures were trading at ₹271.70 on MCX during the initial hour of trading on Wednesday against the previous close of ₹267.70, up by 1.49 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹8590 in the initial hour of trading on Wednesday against the previous close of ₹8520, up by 0.82 per cent.

December cottonseed oilcake futures were trading at ₹2688 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹2693, down by 0.19 per cent.