29.10.202514:38:21UTC+00Oil Recovers after 3-Day Drop

On Wednesday, WTI crude oil futures advanced to approximately $60.6 per barrel, recovering after three days of declines. This shift came as traders evaluated the repercussions of U.S. sanctions on Russian oil and new inventory data. The Energy Information Administration (EIA) disclosed a larger-than-anticipated decrease of 6.9 million barrels in U.S. crude stockpiles. Simultaneously, gasoline and distillate inventories also fell, notwithstanding an increase in reserves at Cushing, Oklahoma. Furthermore, markets responded to news that a tanker, en route to India with Russian crude, had returned to the Baltic Sea, indicating potential initial disruptions following the U.S. decision to sanction Rosneft and Lukoil. Although Indian refiners have temporarily halted fresh purchases of Russian oil pending official instructions, the state-owned Indian Oil Corporation (IOC) affirmed its commitment to continue compliant imports. Despite these issues, some analysts remain skeptical that the sanctions will severely constrain supply, particularly as OPEC+ reportedly considers another output increase at its upcoming meeting to maintain market stability.