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Crude oil futures traded lower on Friday morning following fears of slower economic growth in the US.
At 9.52 am on Friday, June Brent oil futures were at $81.08, down by 0.02 per cent; and June crude oil futures on WTI were at $77.36, down by 0.01 per cent.
May crude oil futures were trading at ₹6,371 on the Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning, against the previous close of ₹6,386, down by 0.23 per cent; and June futures were trading at ₹6,380 as against the previous close of ₹6,399, down by 0.30 per cent.
The US Department of Labour’s weekly jobless claims data showed an increase in jobless claims at 2,45,000 against the previous week’s jobless claims of 2,40,000.
Market reports noted that the latest job market numbers showed the impact of several interest rate hikes in the US in the past few months. This slowdown may impact the demand for fuel also.
Another factor that indicated the slowing down of the economy is the increase in gasoline inventories in the US. According to the latest petroleum status report of the US EIA (Energy Information Administration), total motor gasoline inventories in the US increased by 1.3 million barrels for the week ending April 14. This indicated lack of demand in the market.
Also read: Crude Check: Will crude oil rise to ₹8,000?
May natural gas futures were trading at ₹199.10 on MCX in the initial trading hour of Friday morning, against the previous close of ₹201.30, down by 1.09 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), May jeera contracts were trading at ₹41,440 in the initial trading hour of Friday morning, against the previous close of ₹41,180, up by 0.63 per cent.
May isabgol seed futures were trading at ₹25,345 on NCDEX in the initial trading hour on Friday morning, against the previous close of ₹24,820, up by 2.12 per cent.
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