Crude oil futures traded higher on Wednesday morning. The market is awaiting more demand signals as PMI (purchasing managers index) data of some economies and US crude oil inventory data are set for release during the week.

At 9.52 am on Wednesday, April Brent oil futures were at $82.62, up by 0.34 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $77.27, up by 0.30 per cent.

March crude oil futures were trading at ₹6418 on Multi Commodity Exchange (MCX) during the initial trading session against the previous close of ₹6,430, down by 0.19 per cent, and April futures were trading at ₹6,420 against the previous close of ₹6,431, down by 0.17 per cent.

Data an indicator for demand

US EIA (Energy Information Administration) is expected to release the petroleum status report for the week ending February 16 later in the day. This will give an idea about the crude oil and product inventories in that country. US is a major consumer of crude oil in the global market.

The market is also waiting for the release of minutes of the meeting of US Federal Open Market Committee (FOMC) on Thursday. Considering the recent economic indicators from US, market is of the view that interest rate cuts by the US Fed Reserve could longer time. Reduction in the interest rate would help boost the economy, which, in turn, would help generate demand for the commodities such as crude oil.

Some major economies are expected to release their PMI data during the week. This data will provide more insights into the probable demand for commodities such as crude oil in the coming days.

Meanwhile, there was no sign of reduction in tensions in Middle East. The US vetoed a draft United Nations Security Council resolution seeking a ceasefire in the Israel-Hamas war. The US wants the Security Council to adopt a resolution that links ceasefire to the release of Israeli hostages held by Hamas.

Jeera, guar gum rise

The Israel-Hamas war and subsequent attacks on merchant vessels by Houthis in Red Sea are impacting the supplies of commodities, including crude oil, to the global market.

March natural gas futures were trading at ₹148.80 on MCX against the previous close of ₹138.90, up by 7.13 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹27,710 against the previous close of ₹27,215, up by 1.82 per cent.

March guar gum futures were trading at ₹10,600 on NCDEX against the previous close of ₹10,456, up by 1.38 per cent.