Oil prices edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in US crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains. US crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Crude stocks fell by 4.02 million barrels for the week ended October 24, the sources said, requesting anonymity. However, state-run Indian Oil on Tuesday said it would not stop buying Russian oil as long as it was complying with sanctions. On Tuesday, the CEO of Saudi state oil giant Aramco said crude oil demand was strong even before sanctions were imposed on Russian oil majors and Chinese demand was still healthy.

Source: bd News24 October 29, 2025 04:39 UTC