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Crude oil futures traded lower on Monday morning as the market awaited key inflation data from several economies during the week.
At 9.53 am on Monday, May Brent oil futures were at $80.44, down by 0.45 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $76.14 down by 0.46 per cent.
March crude oil futures were trading at ₹6,326 on the Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹6353, down by 0.42 per cent, and April futures were trading at ₹6,333, as against the previous close of ₹6,352, down by 0.30 per cent.
Slew of economic data
Inflation data from economies such as the US, Australia, Japan and Europe are expected during the week.
Continued high inflation numbers in the US are coming in the way of the Federal Reserve reducing interest rates in that country. Recent comments from Federal Reserve officials indicated this point. The Fed wants inflation to come down to 2 per cent before taking any decision on rate cuts.
China is likely to come out with data on the purchasing managers’ index during the week. This will provide an idea about the economic recovery process in that country. Any signs of economic recovery in China will help boost demand for commodities such as crude oil.
Meanwhile, tensions continued in West Asia with the Houthis attacking vessels on the Red Sea route.
Turmeric, Dhaniya turn hot
March natural gas futures were trading at ₹148.20 on MCX, against the previous close of ₹143.10, up by 3.56 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹7,840, against the previous close of ₹7,780, up by 0.77 per cent.
April turmeric (farmer polished) futures were trading at ₹15,448 on the NCDEX, against the previous close of ₹15,302, up by 0.95 per cent.
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