According to EIA, US commercial crude oil inventories increased by 4.4 million barrels from the previous week.
Crude oil futures traded higher on Thursday morning after the UAE decided to suspend all financial and economic transactions with Iran until further notice.At 10.02 am on Thursday, October Brent oil futures were at $92.04, up by 0.46 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $84.64, up by 0.30 per cent. September crude oil futures were trading at ₹8,112 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8,151, down by 0.48 per cent, and October futures were trading at ₹7,958 against the previous close of ₹8,006, down by 0.60 per cent.The UAE cited a military escalation by Iran with a missile threat as the reason for suspending financial and economic transactions with Iran.Reports said that the UAE’s decisions to suspend financial and economic transactions with Iran came after UAE Defence Ministry said it had detected two ballistic missiles launched from Iran. The ministry the missiles fell into the sea.Meanwhile, weekly petroleum status report released by the US EIA (Energy Information Administration) showed an increase in crude oil inventories in the US for the week ending August 14.According to EIA, US commercial crude oil inventories increased by 4.4 million barrels from the previous week.Total motor gasoline inventories increased by 0.7 million barrels last week and were 5 per cent below the five-year average for this time of year. Distillate fuel inventories decreased by 1.5 million barrels last week and were about 13 per cent below the five-year average for this time of year.Total products supplied in the US over the last four-week period averaged 20.5 million barrels per day, down by 2.9 per cent from the same period last year.Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, down by 0.9 per cent from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 0.8 per cent from the same period last year. Jet fuel product supplied was down 6.3 per cent compared with the same four-week period last year.September natural gas futures were trading at ₹269.80 on MCX during the initial hour of trading on Thursday against the previous close of ₹273.50, down by 1.35 per cent.On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹21400 in the initial hour of trading on Thursday against the previous close of ₹21260, up by 0.66 per cent.August cottonseed oilcake futures were trading at ₹4450 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹4428, up by 0.52 per cent.--EOM--Published on August 20, 2026
