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Brent crude oil futures traded above $80 a barrel in the early trade on Thursday as the US came out with the inflation data, which was softer-than-the market expectations.
At 9.54 am on Thursday, September Brent oil futures were at $80.42, up by 0.39 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $76.03, up by 0.37 per cent.
July crude oil futures were trading at ₹6,233 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹6,213, up by 0.32 per cent, and August futures were trading at ₹6,239 as against the previous close of ₹6,220, up by 0.31 per cent.
Above Fed target
US consumer price index for June was at 3 per cent against 4 per cent in May. Though June’s reading was softer than the market expectations, it still remained above the US Federal Reserve’s target range of 2 per cent. Some market reports noted that this may lead to a 25 basis points hike in interest rates by the Fed in its July meeting.
Also read: Inflation rises 4.8% in June; likely to rise in the immediate term
A further increase in crude oi price was limited following the unexpected increase in the crude oil inventories in the US for the week ending July 7.
According to the US EIA (Energy Information Administration), US commercial crude oil inventories (excluding those in the strategic petroleum reserve) increased by 5.9 million barrels from the previous week. At 458.1 million barrels, US crude oil inventories were approximately 1 per cent above the five-year average for this time of year. The US is a major consumer of crude oil in the global market.
Zinc up, jeera down
July zinc futures were trading at ₹217.75 on MCX against the previous close of ₹216.85, up by 0.42 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹57,410 against the previous close of ₹58,865, down by 2.47 per cent.
August turmeric (farmer polished) futures were trading at ₹10,820 on NCDEX against the previous close of ₹10,994, down by 1.75 per cent.
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