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With the market now focusing on the release of key economic data from the major oil consumers during the week, crude oil futures traded higher on Monday morning.
At 9.54 am, the July Brent oil futures were at $75.54, up by 0.32 per cent; and June crude oil futures on WTI were at $71.60, up by 0.36 per cent.
May crude oil futures were trading at ₹5867 on the Multi Commodity Exchange (MCX) in the early deals against the previous close of ₹5,841, up by 0.45 per cent; and June futures at ₹5,886 against the previous close of ₹5862, up by 0.41per cent.
Market is now waiting for the release of the US consumer price index inflation data, which is expected to be released on Wednesday. This data will give an indication on the impact of recent interest rate hikes on the economy, especially the inflation.
Apart from the US, the Chinese inflation data is also likely to be released on Wednesday. Market reports said the Chinese data may witness weakness as the country is finding difficult to increase its spending and investment.
On Tuesday, China is expected to release the trade data. This will give an insight into the commodity imports by China during April.
The recent data on Chinese manufacturing, which was softer than the market expectations, has created apprehensions on its economic recovery in pushing up oil demand. It may be mentioned here that reports by many global agencies had forecasted greater demand for crude oil from Chinese market.
May natural gas futures were trading at ₹179.60 on MCX in the early deals against the previous close of ₹176.30, up by 1.87 per cent.
Dhaniya and Jeera contracts
On the National Commodities and Derivatives Exchange (NCDEX), May dhaniya contracts were trading at ₹6,800 in the initial trading hous against the previous close of ₹6,712, up by 1.31 per cent.
May jeera futures were trading at ₹47,540 on NCDEX in the early deals against the previous close of ₹46,560, up by 2.10 per cent.
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