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Commodity News Details
Oil rises on Iran tensions and sharp US inventory draw
04-Feb-2026 13:08
WTI crude oil futures edged above $64 per barrel on Wednesday, extending the prior session's advance as geopolitical risk re-entered the market following the US downing of an Iranian drone in the Arabian Sea. Crude markets posted their first monthly gain in six months in January 2026, with WTI rising roughly 14% to $65.74 per barrel, its strongest monthly performance since mid-2023. The recovery followed an extended period of weakness driven by surplus supply, tepid demand growth, and elevated OPEC+ output, before risk events and short-term supply concerns prompted a reassessment of near-term price dynamics. Additional support came from API data indicating a sharp 11.1 million barrel draw in US crude inventories, while OPEC+ expects demand to firm gradually from March or April and will decide in early March on resuming monthly production increases. In India, MCX February crude futures traded 0.75% higher at Rs 5,752 per barrel.

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