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Crude oil futures traded lower on Wednesday morning as China’s consumer price index (CPI) slipped into negative territory in July, triggering apprehensions over the demand from the world’s major buyer. An unexpected increase in the crude oil inventory in the US for the week ending August 4 also weighed on the trade.
At 9.50 am on Wednesday, October Brent oil futures were at $86.02, down by 0.17 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $82.75, down by 0.21 per cent.
August crude oil futures were trading at ₹6852 on the Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹6840, up by 0.18 per cent, and September futures were trading at ₹6,807 against the previous close of ₹6,802, up by 0.07 per cent.
US stocks up 4.06 million barrels
According to the National Bureau of Statistics of China, CPI for July slipped to the negative territory of 0.3 per cent. China’s producer price index also slipped to the negative territory of 4.4 per cent in July.
Apart from this, crude oil imports in China declined by 18.8 per cent in July compared to June following the stock build-up in the domestic market.
Also read: India’s petrol, diesel sales fall as rains impact mobility
Meanwhile, data released by the industry body American Petroleum Institute (API) showed an increase in the crude oil inventories in that country. According to API, crude oil inventories went up by 4.06 million barrels for the week ending August 4. However, the official data from US EIA (Energy Information Administration) is expected later in the day.
Guar gum, jeera rise
August zinc futures were trading at ₹222.60 on MCX in the initial trading hour of Wednesday morning against the previous close of ₹221.45, up by 0.52 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August guar gum contracts were trading at ₹12,450 in the initial trading hour of Wednesday morning against the previous close of ₹12,292, up by 1.29 per cent.
August jeera futures were trading at ₹61,805 on NCDEX in the initial trading hour of Wednesday morning against the previous close of ₹61,500, up by 0.50 per cent.
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