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Crude oil futures traded marginally lower on Wednesday morning as the market continued to assess the outlook ahead of the meeting of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, commonly known as OPEC+, scheduled later in the day.
At 9.55 am on Wednesday, December Brent oil futures were at $90.81, down by 0.12 per cent, and November crude oil futures on the West Texas Intermediate (WTI) were at $89.14, down by 0.10 per cent.
October crude oil futures were trading at ₹7,428 on the Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹7,448, down by 0.27 per cent, and November futures were trading at ₹7,297 as against the previous close of ₹7,317, down by 0.27 per cent.
The market is expecting OPEC+ to keep the crude output policy unchanged at its Wednesday meeting, following the recent decision of Saudi Arabia and Russia to extend output cuts till the end of 2023.
US inventories dip
Added to this, Russia has also decided to impose an export ban on fuels. Though Russia has not set any time frame, a Reuters report said the ban is likely to remain in force until fuel shortages in Russian markets are addressed.
Meanwhile, an industry report indicated a decline in crude oil inventories in the US for the week ending September 29. According to American Petroleum Institute data, crude oil inventories declined by 4.21 million barrels for the week ending September 29, against a gain of 1.58 million barrels in the previous week.
Turmeric dips, guar gum gains
The official data from the US Energy Information Administration (EIA) is expected later in the day.
October copper futures were trading at ₹701.05 on MCX.
On NCDEX, turmeric October contracts dropped by 1.04 per cent to ₹13,762 a quintal, while guar gum November futures were up 0.53 per cent at ₹11,240 a quintal.
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