Oil Extends Gains

WTI crude oil futures climbed to around $57.50 per barrel on Wednesday, extending gains from the previous session after an industry report signaled a decline in U.S. stockpiles.

Data from the American Petroleum Institute (API) showed U.S. crude inventories fell by 3 million barrels last week, marking the first drop in four weeks. Fuel stockpiles, including gasoline, also declined, indicating stronger demand.

Meanwhile, President Trump reiterated that India plans to scale back its purchases of Russian oil, referencing ongoing discussions with Prime Minister Modi—a claim India’s foreign ministry denied last week.

The U.S. Energy Department also announced plans to add 1 million barrels to the Strategic Petroleum Reserve (SPR), potentially tightening near-term supply conditions.

Still, oil prices remain pressured near multi-year lows amid persistent concerns over a global supply glut. Vortexa data showed a record 1.24 billion barrels of crude and condensate currently in transit worldwide, reinforcing the IEA’s warning of a record surplus next year as OPEC+ and other producers ramp up output amid slowing demand growth.