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Crude oil futures traded lower on Tuesday morning following concerns over inflation in major economies and moves by their central banks to control it.
At 10.30 am on Tuesday, October Brent oil futures were at $104.10, down by 0.91 per cent, and October crude oil futures on WTI were at $96.40, down by 0.68 per cent.
September crude oil futures were trading at ₹7,728 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹7,737, down by 0.12 per cent, and October futures were trading at ₹7,678 against the previous close of ₹7,682, down by 0.05 per cent.
High inflation is a worry in some countries and many are resorting to actions such as interest rate hikes to control inflation, leading to a slowdown in the economy. This, in turn, leads to a decline in the consumption of major commodities such as crude oil.
Market players are expecting further interest rate hikes by the US and some European countries to control inflation.
Meanwhile, some OPEC (Organization of the Petroleum Exporting Countries) members and their allies, known as OPEC+, are planning to cut production to halt the decline in global crude oil price.
Market players are waiting for a clear picture from the scheduled meeting of OPEC+ on
September 5.
Turmeric loses lustre
September natural gas futures were trading at ₹734.10 on MCX in the initial trading hour of Tuesday morning against the previous close of ₹748.80, down by 1.96 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September turmeric (farmer polished) futures were trading at ₹7,040 in the initial trading hour of Tuesday morning against the previous close of ₹7,156, down by 1.62 per cent.
September guarseed contracts were trading at ₹4,675 on NCDEX in the initial trading hour of Tuesday morning against the previous close of ₹4,733, down by 1.23 per cent.
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