Crude oil prices climbed more than 1 per cent in futures trade on Wednesday, tracking firm trends in global markets amid escalating geopolitical concerns and expectations of a fall in US inventories.
On the Multi Commodity Exchange (MCX), the most-traded December contract of crude oil climbed by Rs 65, or 1.22 per cent, to Rs 5,374 per barrel in a business turnover of 13,557 lots.
The January contract also advanced by Rs 63, or 1.19 per cent, to Rs 5,370 in 2,426 lots.
1 December 2025
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In the international markets, West Texas Intermediate (WTI) crude oil futures for January delivery gained 1.35 per cent to USD 59.43 per barrel while Brent Crude for February 2026 contract rose 1.18 per cent higher at USD 63.19 per barrel in New York.
"Global oil prices edged higher on Wednesday, supported by renewed geopolitical concerns. Russia warned it may target ships from nations aiding Ukraine after recent tanker attacks, adding risk to maritime crude flows," Mohammed Imran, Research Analyst, Mirae Asset ShareKhan, said.
He added that tensions in Venezuela further fuelled supply worries after President Donald Trump declared its airspace "closed", amplifying fears of supply disruptions from the world's 12th-largest oil producer.
Additionally, bullish sentiment was supported by the American Petroleum Institute’s (API) forecast of a 2.8-million-barrel decline in US crude inventories, signalling a stronger demand outlook.
An expert said, "The combination of potential supply risks and declining inventory expectations strengthened buying interest in crude oil futures."
