A slight rise in oil prices amid expectations of a decline in US inventories

Oil prices rose slightly after an industry report showed a decline in crude inventories in the United States for the first time in four weeks, at a time when US President Donald Trump reiterated that India would reduce its purchases of Russian energy. Brent crude traded above $61 a barrel, up 0.5%, while West Texas Intermediate crude was near $58. Data from the American Petroleum Institute showed that US oil inventories fell by 3 million barrels last week, while fuel inventories, including gasoline, also declined. Official government data is expected to be released later on Wednesday. Meanwhile, for the second week in a row, Trump repeated his claim that he had spoken with Indian Prime Minister Narendra Modi about reducing India’s imports of Russian oil. The Indian embassy did not respond to a request for comment, while Indian refining companies have previously indicated that they intend to reduce purchases without stopping them altogether. Also Read: Trump: India will reduce its purchases of Russian oil. The global surplus supply is depressing prices. Oil is still on course for a third straight monthly loss as indications of a surplus in the market put pressure on prices, although it provided an opportunity for the Trump administration to buy crude for the strategic reserve. The United States plans to buy 1 million barrels for delivery in December and January. “There’s a lot of supply,” Natasha Kaneva, head of global commodity strategy at JP Morgan Chase, said in an interview with Bloomberg TV. “The supply is growing two and a half times faster than the demand.”