Crude oil futures traded lower on Thursday morning as industry data showed an increase in inventory level in the US.
At 9.54 am on Thursday, April Brent oil futures were at $75.72, down by 0.42 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $71.73, down by 0.51 per cent.
March crude oil futures were trading at ₹6247 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6288, down by 0.65 per cent, and April futures were trading at ₹6256 against the previous close of ₹6302, down by 0.73 per cent.
According to the industry body American Petroleum Institute (API), crude oil inventories in the US increased by 3.33 million barrels for the week ending February 14. Crude oil inventories had seen more than 9 million barrels increase in the previous week.
Gasoline inventories in the US increased by 2.83 million barrels, and distillate inventories declined by 2.69 million barrels during the period.
Market is waiting for the release of the official data from the US EIA (Energy Information Administration) later on Thursday to get a clear picture on inventory levels in the US.
Market players feel that the import tariffs announced by the US could impact the prices of crude oil in the global market. This in turn may lead to decline in the demand for the commodity.
Meanwhile, some policymakers in the US Federal Reserve highlighted upside risks to inflation in the minutes of the January meeting of the Federal Open Market Committee (FOMC). They cited potential shifts in trade and immigration policies, geopolitical disruptions to supply chains, and stronger-than-anticipated household spending as reasons for this.
March natural gas futures were trading at ₹371.90 on MCX during the initial hour of trading on Thursday against the previous close of ₹362.30, up by 2.65 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April kapas contracts were trading at ₹1479 in the initial hour of trading on Thursday against the previous close of ₹1485, down by 0.44 per cent.
April turmeric (farmer polished) futures were trading at ₹12922 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹12968, down by 0.35 per cent.