Crude oil futures traded marginally higher on Wednesday morning as industry data showed a decrease in the crude oil inventories in the US.
At 10.01 am on Wednesday, April Brent oil futures were up 0.06 per cent at $83.74 and March crude oil futures on WTI were at $77.34, up by 0.26 per cent.
February crude oil futures were trading at ₹6,401 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6,363, up by 0.60 per cent and March futures were trading at ₹6,442 against the previous close of ₹6,411, up by 0.48 per cent.
Official data today
Citing the data from American Petroleum Institute (API), a Reuters report said crude oil inventories declined by around 2.2 million barrels in the US for the week ended February 3. The market was expecting an increase in crude oil inventories during the period. However, the official data from the US EIA (Energy Information Administration) is expected later in the day. That will give a clear picture on the crude oil inventories in the US market.
Speaking at the Economic Club of Washington on Tuesday, the US Fed Reserve Chair Jerome Powell cautioned that interest rates could go up further in the US due to strength in the jobs market. He said the US was seeing some disinflation after a series of sharp rate hikes in 2022. Aggressive interest rate hikes in 2022 had made dollar costlier, impacting the demand for crude oil in the market.
Cottonseed oilcake up
February zinc futures were trading at ₹281.50 on MCX in the initial trading hour of Wednesday morning against the previous close of ₹284, down by 0.88 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), February cottonseed oilcake contracts were trading at ₹2804 in the initial trading hour of Wednesday morning against the previous close of ₹2787, up by 0.61 per cent.
February steel long futures were trading at ₹48,090 on NCDEX in the initial trading hour of Wednesday morning against the previous close of ₹48,310, down by 0.46 per cent.