Crude oil futures traded higher on Tuesday morning as the market awaited the release of the crucial monthly oil market forecast from OPEC (Organization of the Petroleum Exporting Countries) later in the day.
At 9.52 am on Tuesday, November Brent oil futures were at $90.99, up by 0.39 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $87.69, up by 0.46 per cent.
September crude oil futures were trading at ₹7,274 on the Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹7,248, up by 0.36 per cent, and October futures were trading at ₹7,225, as against the previous close of ₹7,195, up by 0.42 per cent.
The monthly oil market report by OPEC is likely to offer more insights into the supply situation in the coming days as Saudi Arabia and Russia, two of the major members of OPEC+, recently announced their decision to extend oil production output cut till the end of 2023.
The market is also awaiting the demand outlook in OPEC’s forecast given rising inflation in certain economies and the probability of interest rate hikes by the central banks in those countries.
The market is also looking at cues on demand prospects for crude oil in Chinam which accounts for a significant share of global demand.
Added to this, the monthly report by IEA (International Energy Agency) on Wednesday is likely to provide more insights into the supply and demand situationin the global market.
The market is also awaiting a decision on interest rates by the European Central Bank later in the day, and the release of US consumer price index data on Wednesday.
Tumeric loses gleam
September zinc futures were trading at ₹223.10 on MCX, against the previous close of ₹222.25, up by 0.38 per cent.
On NCDEX, the turmeric December contract declined by 1.37 per cent to ₹14,702 a quintal, and cottonseed oil cake January 2024 futures gained 1.27 per cent at ₹2,630 a quintal.