Brent crude oil futures traded marginally lower on Thursday morning as the market awaited important economic data from the US.
At 9.53 am on Thursday, August Brent oil futures were at $83.42, down by 0.01 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $79.27, up by 0.05 per cent.
June crude oil futures were trading at ₹6,619 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹6,624, down by 0.08 per cent, and July futures were trading at ₹6,602 against the previous close of ₹6,604, down by 0.03 per cent.
Inventories drop
Market is awaiting for the release of the US gross domestic product (GDP) data later in the day. A strengthening economy can boost the demand for the commodities such as crude oil. At the same time, it may give scope for the US Federal Reserve to keep the interest rates higher for longer. Such a move could impact the demand for the commodities such as crude oil, as these commodities remain costlier.
Recent statements by several officials from the US Federal Reserve indicated that Fed is waiting for inflation to come down before taking a decision on interest rate cuts.
The US PCE price index data is likely to be released on Friday. US Fed will take this data into account in its outlook for interest rates.
Purchasing managers index data from China is also expected on Friday. Both US and China are the major consumers of crude oil in the global market, and these economic data would play a major role in deciding the price of this commodity.
Meanwhile, the data from the industry body American Petroleum Institute (API) showed decline in crude oil inventories in the US for the week ending May 24. According to API, crude oil inventories declined by 6.49 million barrels for the week ending May 24 against an increase of 2.48 million barrels a week prior to that.
Turmeric, jeera gleam
June copper futures were trading at ₹894.40 on MCX against the previous close of ₹903.55, down by 1.01 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts were trading at ₹18,802 against the previous close of ₹18,666, up by 0.73 per cent.
June jeera futures were trading at ₹28,780 on NCDEX in the initial hour of trading on Thursday morning against the previous close of ₹28,650, up by 0.45 per cent.