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Crude oil rules higher Friday morning on the expectations of demand boost from China, a major consumer of the commodity globally.
At 10 am, March Brent oil futures were at $86.49, up by 0.38 per cent, and March crude oil futures on WTI were at $80.86, up by 0.31 per cent.
February crude oil futures were trading at ₹6,596 on Multi Commodity Exchange (MCX) in the early trade against the previous close of ₹6578, up by 0.27 per cent, and March futures were trading at ₹6,635 as against the previous close of ₹6610, up by 0.38 per cent.
US inventories rise
The crude oil market is upbeat over the demand boost from China during its Lunar New Year Holiday from January 21 to 27. With China relaxing its strict Covid control measures earlier this month, the holiday season is expected to boost travel and demand for crude oil.
However, the increase in the crude oil inventories in the US limited further increase in prices. The petroleum status report for the week ending January 13, released by the US EIA (Energy Information Administration) on January 19, said that the US commercial crude oil inventories (excluding those in the strategic petroleum reserve) increased by 8.4 million barrels from the previous week. At 448 million barrels, the US crude oil inventories are about 3 per cent above the five-year average for this time of year.
The US crude oil imports averaged 6.9 million barrels a day last week, an increase of 511,000 barrels a day from the previous week. Total products supplied in the US over the last four-week averaged 19.7 million barrels a day, down by 6.7 per cent from the same period last year.
Jeera slips to near ₹33,000
February natural gas futures were trading at ₹260.20 on MCX in the initial trading hours against the previous close of ₹261.80, down by 0.61 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), February steel long contracts were trading at ₹50,370 in early deals against the previous close of ₹50,210, up by 0.32 per cent.
January jeera futures were trading at ₹33,100 on NCDEX against the previous close of ₹33,690, down by 1.75 per cent.
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