Crude oil traded higher on Tuesday morning after falling more than $3 a barrel on Monday. However, the lack of optimism over the release of economic data by some major economies during the week curbed the recovery.

At 9.56 am on Tuesday, August Brent oil futures were at $72.34, up by 0.70 per cent, and July crude oil futures on WTI were at $67.44, up by 0.48 per cent.

June crude oil futures were trading at ₹5,570 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹5,569, up by 0.02 per cent, and July futures were trading at ₹5,621 as against the previous close of ₹5617, up by 0.07 per cent.

To impact US Fed decision

The market is now waiting for the release of the US consumer price index inflation data later on Tuesday. This data will have a bearing on the interest rate decision by the US Federal Reserve on Wednesday.

The European Central Bank is expected to come out with its interest rate decision on Thursday. Market is expecting European Central Bank to increase the interest rate to control the inflation. Bank of Japan will come out with its interest rate decision on Thursday.

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Apart from the economic data, market is also waiting for the demand outlook forecast from two international agencies. The Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) are expected to come out with their monthly market updates later in the day.

Meanwhile, Goldman Sachs has cut the oil price forecast by almost 10 per cent in December. In its outlook it estimated that the WTI crude will cost $81 a barrel in December against its previous forecast of $89 a barrel; and Brent crude will cost $86 a barrel in December against its previous forecast of $95 a barrel.

Turmeric, guar gum gain

June natural gas futures were trading at ₹189 on MCX against the previous close of ₹186.30, up by 1.45 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), June guar gum contracts were trading at ₹9829 against the previous close of ₹9714, up by 1.18 per cent.

June turmeric (farmer polished) futures were trading at ₹7632 on NCDEX in the initial trading hour of Tuesday morning against the previous close of ₹7556, up by 1.01 per cent.

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