WTI crude oil futures eased from multi-month highs as easing concerns on geopolitical front limited upside in the counter. The commodity ended down 2.62% for the week at $63.50 per barrel. Significant drop in the US crude inventories might help limit the WTI's losses. According to the US Energy Information Administration (EIA) weekly report, crude oil stockpiles in the US for the week ending January 30 fell by 3.455 million barrels, compared to a decline of 2.296 million barrels in the previous week. At 420.3 million barrels, US crude oil inventories are about 4% below the five-year average for this time of year. EIA further stated that US crude oil refinery inputs averaged 16.0 million barrels per day during the week ending January 30, 2026, which was 180 thousand barrels per day less than the previous week's average. Refineries operated at 90.5% of their operable capacity last week. US crude oil imports averaged 6.2 million barrels per day last week, increased by 558 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 3.2% less than the same four-week period last year. MCX Crude oil futures edged near Rs 5500 per barrel before witnessing a recovery and moved above Rs 5800 per barrel mark.

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