India lowered its fiscal deficit estimate and retained record spending on infrastructure, as Prime Minister Narendra Modi pushes to elevate the nation to developed status by 2047.

The drop in prices indicates that WTI is approaching oversold territory, suggesting that a potential reversal could be on the horizon. However, industry watchers remain cautious as they await the American Petroleum Institute's (API) weekly estimate on U.

Oil futures finished higher on Wednesday, with U.S. benchmark prices scoring their first gain in five sessions, after official U.S. data revealed a drop in U.S. crude inventories for a fourth week in a row.