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Brent crude oil futures traded marginally decrease on Thursday morning as the market awaited vital financial data from the US.
At 9.53 am on Thursday, August Brent oil futures have been at $83.42, down by 0.01 per cent, and July crude oil futures on WTI (West Texas Intermediate) have been at $79.27, up by 0.05 per cent.
June crude oil futures have been buying and selling at ₹6,619 on Multi Commodity Exchange (MCX) throughout preliminary buying and selling towards the earlier shut of ₹6,624, down by 0.08 per cent, and July futures have been buying and selling at ₹6,602 towards the earlier shut of ₹6,604, down by 0.03 per cent.
Inventories drop
Market is awaiting for the discharge of the US gross home product (GDP) data later within the day. A strengthening financial system can increase the demand for the commodities such as crude oil. At the identical time, it could give scope for the US Federal Reserve to maintain the rates of interest larger for longer. Such a transfer might impression the demand for the commodities such as crude oil, as these commodities stay costlier.
Recent statements by a number of officers from the US Federal Reserve indicated that Fed is ready for inflation to return down earlier than taking a call on rate of interest cuts.
The US PCE value index data is more likely to be launched on Friday. US Fed will take this data under consideration in its outlook for rates of interest.
Purchasing managers index data from China can also be anticipated on Friday. Both US and China are the foremost customers of crude oil within the international market, and these financial data would play a significant position in deciding the value of this commodity.
Meanwhile, the data from the business physique American Petroleum Institute (API) confirmed decline in crude oil inventories within 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 towards a rise of two.48 million barrels per week previous to that.
Turmeric, jeera gleam
June copper futures have been buying and selling at ₹894.40 on MCX towards the earlier shut of ₹903.55, down by 1.01 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts have been buying and selling at ₹18,802 towards the earlier shut of ₹18,666, up by 0.73 per cent.
June jeera futures have been buying and selling at ₹28,780 on NCDEX within the preliminary hour of buying and selling on Thursday morning towards the earlier shut of ₹28,650, up by 0.45 per cent.
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