This comes after the US oil body Energy Information Administration (EIA) released its crude outlook, which stated that the commodity would move lower in the short term.
it said the rising global oil inventories will drive crude oil prices lower.
Brent crude oil fell for the fourth consecutive month in May. The average brent crude price during the month under review stood at $64 per barrel, which is a drop of $4 per barrel from April.
The US oil body expects Brent Crude prices to fall to an average of $61 per barrel by the end of 2025 and to $59 per barrel in 2026.
On Wednesday, West Texas Intermediate held near $65 a barrel, after losing 0.5% on Tuesday, while Brent settled above $66.
Crude has dropped this year as the Trump administration’s aggressive trade agenda clouded the outlook for global growth and hurt appetite for risk assets including industrial commodities. At the same time, OPEC+ moved to restore idled capacity at a faster than expected pace, boosting concerns about a glut.
Shares of IOC, HPCL and BPCL were trading up to 4% higher around 2.40 pm on Wednesday, June 11.
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