Brent crude oil futures traded marginally higher on Thursday morning following the escalation of tensions in the West Asian region.
At 9.52 am on Thursday, August Brent oil futures were at $85.09, up by 0.02 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $80.50, down by 0.17 per cent.
July crude oil futures were trading at ₹6,725 on the Multi Commodity Exchange (MCX) during initial trading on Thursday morning, against the previous close of ₹6,733, down by 0.12 per cent, and August futures were trading at ₹6,690, against the previous close of ₹6,701, down by 0.16 per cent.
A Reuters report, which quoted residents and Palestinian medics, said Israeli tanks backed by warplanes and drones advanced deeper into the western part of the Gaza Strip city of Rafah on Wednesday, killing eight people. It said that tanks moved into five neighbourhoods after midnight.
Market fears that the escalation of tensions in West Asia could impact the supply of crude oil from the region.
Awaiting EIA data
Market is waiting for the release of the weekly petroleum status report by the US EIA (Energy Information Administration) later in the day. This data from the EIA was delayed by a day due to a holiday in the US. This official data will present the details of the crude oil inventory levels in the US for the week ending June 14. US is a major consumer of crude oil in the global market.
The American Petroleum Institute’s (API) weekly report had shown an increase of 2.26 million barrels of crude oil inventories for the week ending June 14.
Turmeric gleams, natural gas gains
July natural gas futures were trading at ₹250.80 on MCX during the initial hour of trading on Thursday morning, against the previous close of ₹248.80, up by 0.80 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July cottonseed oilcake contracts were trading at ₹2,775 in the initial hour of trading on Thursday morning, against the previous close of ₹2,743, up by 1.17 per cent.
August turmeric (farmer polished) futures were trading at ₹18,378 on NCDEX in the initial hour of trading on Thursday morning against the previous close of ₹18,300, up by 0.43 per cent.