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Crude oil traded lower on Monday morning following the fears of slowing down of the economy in different parts of the world.
At 9.57 am on Monday, July Brent oil futures were at $73.56, down by 0.82 per cent, and June crude oil futures on WTI were at $69.48, down by 0.80 per cent.
May crude oil futures were trading at ₹5,720 on the Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹5,773, down by 0.92 per cent, and June futures were trading at ₹5,741 as against the previous close of ₹5,805, down by 1.10 per cent.
Also read: What’s wrong with importing Russian oil?
Awaiting more data
A slew of recent data from the US and China showed not-so-good economic growth. This slow economic recovery in major economies led to apprehensions in the market over the demand for crude oil. These two countries are the major consumers of crude oil in the global market.
Now the market is waiting for the release of industrial production data from the US and retail sales data from China during this week. These data points will provide an indication of the economic recovery in two of the major crude oil consumers in the world.
Meanwhile, crude oil market is also waiting for the outcome of the meeting between the US President Joe Biden and congressional leaders on raising the debt ceiling. This meeting assumes significance as the US Government may go into default if the debt ceiling is not raised. Market fears of a recession in the US in case of a default.
Turmeric gleams, jeera cools
May zinc futures were trading at ₹228.45 on MCX in the initial trading hour of Monday morning against the previous close of ₹229.80, down by 0.59 per cent.
Also read: NSE to launch WTI Crude, Natural Gas futures
On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts were trading at ₹8,026 in the initial trading hour of Monday morning against the previous close of ₹7,836, up by 2.42 per cent.
May jeera futures were trading at ₹46,050 on NCDEX in the initial trading hour of Monday morning against the previous close of ₹47,110, down by 2.25 per cent.
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