Favourable data from the US petroleum sector and a weaker dollar helped crude oil futures trade higher on Thursday morning.
US Energy Information Administration (EIA) data showed export of crude oil and products at 11.4 million barrels a day for the week ending October 21, against 9.4 million barrels a day for the week ending October 14. This indicated the demand for the commodity in global markets.
Inventories up week-over-week
The petroleum status report of US EIA for the week ending October 21, which was released on October 26, said US commercial crude oil inventories (excluding those in the strategic petroleum reserve) increased by 2.6 million barrels from the previous week. At 439.9 million barrels, US crude oil inventories were about 2 per cent below the five-year average for this time of year.
Meanwhile, US crude oil imports averaged 6.2 million barrels a day last week, an increase of 0.3 million barrels a day from the previous week. Over the past four weeks, crude oil imports averaged about 6 million barrels a day, 4 per cent less compared with the same four-week period last year.
Added to this, a weaker dollar also helped boost crude oil futures. A weak dollar makes the commodity less expensive for those holding other currencies.
Turmeric gains lustre
November natural gas futures were trading at ₹510.80 on MCX in the initial trading hour of Thursday morning against the previous close of ₹500.90, up by 1.98 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November turmeric (farmer polished) contracts were trading at ₹7,600 against the previous close of ₹7,572, up by 0.37 per cent.
November steel long futures were trading at ₹48,480 against the previous close of ₹48,740, down by 0.53 per cent.