Crude oil futures traded higher on Friday morning despite the slower-than-expected US economic growth. However, the US witnessed a decline in the jobless claims during last week.
At 9.52 am on Friday, July Brent oil futures were at $78.98, up by 0.97 per cent; and June crude oil futures on WTI were at $75.43, up by 0.90 per cent.
May crude oil futures were trading at ₹6,177 on Multi Commodity Exchange (MCX) in initial trade against the previous close of ₹6,140, up by 0.60 per cent; and June futures were trading at ₹6,195 as against the previous close of ₹6,155, up by 0.65 per cent.
Hike worry
According to the US Bureau of Economic Analysis, real gross domestic product (GDP) increased at an annual rate of 1.1 per cent in the first quarter of 2023. In the fourth quarter of 2022, real GDP increased 2.6 per cent.
It said the increase in the first quarter primarily reflected an increase in consumer spending that was partly offset by a decrease in inventory investment.
According to the US Department of Labour, jobless claims in the country came down for the week ending April 22. US jobless claims came down from 246,000 for the week ending April 15 to 230,000 for the week ending April 22.
However, the market is now worried about an interest rate hike by the Central banks in different countries to control inflation. Any increase in interest rate would impact the demand for commodities such as crude oil.
Natural gas falls, jeera rises
May natural gas futures were trading at ₹193.40 on MCX in initial trade against the previous close of ₹194.40, down by 0.51 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), May jeera contracts were trading at ₹43,885 in early trade against the previous close of ₹43,045, up by 1.95 per cent.
May dhaniya futures were trading at ₹6,550 on NCDEX against the previous close of ₹6,410, up by 2.18 per cent.