Crude oil futures traded higher on Friday morning following the better-than-expected economic data from the US.
At 9.57 am on Friday, September Brent oil futures were at $82.53, up by 0.19 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $78.44, up by 0.20 per cent.
August crude oil futures were trading at ₹6579 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6572, up by 0.11 per cent, and September futures were trading at ₹6501 against the previous close of ₹6492, up by 0.14 per cent.
According to the advance estimate released by the US Bureau of Economic Analysis (BEA), the real gross domestic product (GDP) of the US increased at an annual rate of 2.8 per cent in the second quarter of 2024. In the first quarter of 2024, real GDP increased 1.4 per cent.
A news release by BEA said the increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment. Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending, it said.
The US GDP data showed improvement in economic activities in the world’s largest crude oil consumer.
Meanwhile, media reports mentioned that Israel and Hamas are closer to brokering a ceasefire deal. Some reports said that the US President, Joe Biden, and the Israeli Prime Minister, Benjamin Netanyahu, met on Thursday. A ceasefire deal was on their meeting agenda. Market is of the opinion that a peace deal between Israel and Hamas would bring down the threats of crude oil supply disruptions.
August menthaoil futures were trading at ₹967 on MCX during the initial hour of trading on Friday against the previous close of ₹960.50, up by 0.68 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August guargum contracts were trading at ₹10735 in the initial hour of trading on Friday against the previous close of ₹10643, up by 0.86 per cent.
August cottonseed oilcake futures were trading at ₹2861 on NCDEX in the initial hour of trading on Friday against the previous close of ₹2870, down by 0.31 per cent.