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Crude oil futures traded higher on Tuesday morning as markets awaited the release of US inflation data later in the day.
At 9.52 am on Tuesday, May Brent oil futures were at $82.49, up by 0.34 per cent, and April crude oil futures on West Texas Intermediate (WTI) were at $78.13, up by 0.26 per cent.
March crude oil futures were trading at ₹6,467 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹6,443, up by 0.37 per cent, and April futures were trading at ₹6,454 against the previous close of ₹6,433, up by 0.33 per cent.
Oil markets remained cautious on Tuesday morning as they waited for the release of the US consumer price index (CPI) data later in the day. The market is expecting the February CPI inflation data to be above the US Federal Reserve’s annual target of 2 per cent.
January CPI inflation data was at 3.1 per cent. The market is forecasting it at around the same level in February also.
Impact of inflation
Last week, US Federal Chair Jerome Powell said interest rate cuts in 2024 will depend on how inflation progresses in the coming days.
Interest rates will make commodities such as crude oil costlier in the international market.
The market is also awaiting the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) for an indication on crude oil demand prospects in the global market. International Energy Agency is also expected to release its monthly report during the week.
Jeera, dhaniya cool down
March natural gas futures were trading at ₹145.50 on MCX against the previous close of ₹147.10, down by 1.09 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹8,156 against the previous close of ₹8,306, down by 1.81 per cent.
March jeera futures were trading at ₹26,350 on NCDEX against the previous close of ₹26,950, down by 2.23 per cent.
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