Crude oil futures traded lower on Wednesday morning as the market felt that the release of minutes of the meeting of the US Federal Reserve later in the day may have an impact on the demand for crude oil in the global market.

At 9.52 am on Wednesday, April Brent oil futures were down 0.22 per cent at $82.87, and April crude oil futures on WTI were down 0.25 per cent at $76.17.

March crude oil futures were trading at ₹6,338 on Multi Commodity Exchange (MCX) during initial hours of trading against the previous close of ₹6,385, down by 0.74 per cent, and April futures were trading at ₹6,384 as against the previous close of ₹6,422, down by 0.59 per cent.

Fears over slack demand

The minutes of the meeting of the Fed Reserve are important for the market because a few of the officials from the US Fed had indicated an increase in the interest rates following the inflation numbers in the US.

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The decisions of the Fed Reserve are likely to impact the commodities such as crude oil as any aggressive increase in the interest rates could impact the economic growth in that country. Such moves could lead to a decline in the demand for commodities.

Jeera crackles, dhaniya cools

March natural gas futures were trading at ₹181.70 on MCX in the initial trading hours against the previous close of ₹185.70, down by 2.15 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹30,540 in early trade against the previous close of ₹30,270, up by 0.89 per cent.

April dhaniya futures were trading at ₹6,858 on NCDEX against the previous close of ₹6,914, down by 0.81 per cent.

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