Crude oil futures traded marginally lower on Tuesday morning in anticipation of crucial data from different organisations.
At 10 am on Tuesday, November Brent oil futures were at $93.77, down by 0.24 per cent, and October crude oil futures on WTI were at $87.63, down by 0.17 per cent.
September crude oil futures were trading at ₹6,953 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday against the previous close of ₹6,975, down by 0.32 per cent; and October futures were trading at ₹6,943 as against the previous close of ₹6,967, down by 0.34 per cent.
The US CPI inflation data is expected later on Tuesday. This data is crucial for the US Federal Reserve, which is contemplating measures such as interest rate hikes to control inflation in that country. Any measures to control inflation will impact crude oil prices also.
To get a clear picture on global demand, the market is awaiting the monthly report of the Organization of Petroleum Exporting Countries (OPEC) later in the day. The report is likely to give a near-term market outlook for the commodity. A recent meeting of OPEC had decided on a nominal cut in crude oil production.
Additionally, there was a decline in crude oil stock in strategic reserves of the US — the lowest since October 1984, according to market analysts. In March, the US government decided to release 1 million barrels a day of crude oil from the reserves over six months to tackle high fuel prices.
Cottonseed oilcake up
September natural gas futures were trading at ₹666.20 on MCX in the initial trading hour of Tuesday against the previous close of ₹657.20, up by 1.37 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹2,719 in the initial trading hour of Tuesday against the previous close of ₹2,466, up by 10.26 per cent.
September turmeric (farmer polished) futures were trading at ₹6,738 on NCDEX in the initial trading hour of Tuesday against the previous close of ₹6,864, down by 1.84 per cent.