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Crude oil down despite US inventory drop more than market expectations

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Crude oil futures traded lower on Thursday morning despite American Petroleum Institute’s data showing a decline in the crude oil inventories in the US.

At 9.57 am on Thursday, September Brent oil futures were at $76.39, down by 0.34 per cent and August crude oil futures on WTI (West Texas Intermediate) were at $71.70, down by 0.13 per cent.

July crude oil futures were trading at ₹5,914 on Multi Commodity Exchange (MCX) against the previous close of ₹,5932, down by 0.30 per cent and August futures were trading at ₹5,941 as against the previous close of ₹5,960, down by 0.32 per cent.

EIA data today

Data from the industry body American Petroleum Institute (API) showed crude oil inventories falling by 4.4 million barrels for the week ending June 30. The market was expecting a decline of around 1.8 million barrels during the period. The decline in inventories indicated the demand for the commodity in the US market.

Official data from the US EIA (Energy Information Administration) is expected later in the day.

Meanwhile, the minutes of the June meeting of the US Federal Reserve were released on Wednesday. According to the minutes, most of the members of the Fed agreed for interest rate increases during the year. Any increase in interest rate will impact the economy. This in turn may affect the demand for the commodities, such as crude oil.

Addressing a meeting of the Chief Executives of the oil industry with the ministers from OPEC (Organisation of Petroleum Exporting Countries) and its allies, known as OPEC+, on Wednesday, Prince Abdulaziz bin Salman, Energy Minister of Saudi Arabia, said Russia-Saudi oil cooperation is going strong as part of the OPEC+ alliance. He said the alliance will do whatever is necessary to support the market. Recently, Saudi Arabia extended its 1 million barrels a day production cut to August.

Spices turn hot

July menthaoil futures were trading at ₹898.50 on MCX in the initial trading hour of Thursday morning against the previous close of ₹893.80, up by 0.53 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹57,950 in the initial trading hour of Thursday morning against the previous close of ₹56,780, up by 2.06 per cent.

August turmeric (farmer polished) futures were trading at ₹10,096 on NCDEX in the initial trading hour of Thursday morning against the previous close of ₹9,936, up by 1.61 per cent.



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