Crude oil futures traded low Thursday morning as industry data showed an increase in US inventory levels.
At 9:54am on Thursday in April, Brent Oil Futures fell 0.42% to $75.72, while WTI’s April crude oil futures (West Texas Intermid) fell 0.51% to $71.73.
Crude oil futures in March traded at £6247 at £6288 (MCX) for £6288 (MCX) during its initial trading hours on Thursday, down 0.65%, with April futures falling It was trading at £6,256 against the previous closure. £6302, down 0.73%.
According to the Industry Body American Petroleum Institute (API), US crude oil stocks rose by 3.33 million barrels in the week ending February 14th. Crude oil inventory rose by more than 9 million barrels the previous week.
US gasoline inventory increased by 2.83 million barrels, while distillation inventory fell by 2.69 million barrels over the period.
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The market is waiting for official data to be released from the US EIA (Energy Information Management) later Thursday, giving a clear picture of US inventory levels.
Market players feel that import duties announced by the US could affect the prices of crude oil in the global market. This could reduce demand for products.
Meanwhile, some policymakers in the US Federal Reserve highlighted the upward risks to inflation in minutes at the Federal Open Market Committee (FOMC) meeting in January. They cited potential changes in trade and immigration policies, geopolitical disruptions to supply chains, and the reasons for this: strong unexpected household spending.
Natural gas futures in March rose 2.65% in the previous £362.30 trading at 371.90 GBP during its initial trading hours on Thursday.
In the National Commodity and Derivatives Exchange (NCDEX), the April Ka Pass contract was trading at £1,479 during its initial trading hours on Thursday against a previous £1,485 £1,485 £1,485 £1.
April turmeric (farmer polished) futures were trading at 12,922 pounds on NCDEX, down 0.35% in the first trading hours on Thursday, in the first trading hours of 12,968 pounds.
