Crude oil futures traded higher on Thursday morning despite official data indicating decrease in oil inventories in the US.
At 9.53 am on Thursday, June Brent oil futures were at $88.14, up by 0.14 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $82.90, up by 0.11 per cent.
May crude oil futures were trading at ₹6916 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6889, up by 0.39 per cent, and June futures were trading at ₹6878 against the previous close of ₹6864, up by 0.20 per cent.
Petroleum status report by the US EIA (Energy Information Administration) showed decrease in crude oil inventories in the US for the week ending April 19.
US commercial crude oil inventories decreased by 6.4 million barrels for the week ending April 19 against an increase of 2.73 million barrels a week prior to this.
At 453.6 million barrels, US crude oil inventories were about 3 per cent below the five-year average for this time of year. Total motor gasoline inventories decreased by 0.6 million barrels from last week and were about 4 per cent below the five-year average for this time of year.
Total products supplied in the US over the last four-week period averaged 19.8 million barrels a day, up by 0.1 per cent from the same period last year.
US crude oil imports averaged 6.5 million barrels a day last week, an increase of 36,000 barrels a day from the previous week.
Meanwhile, tension between Israel and Iran continued to ease with both the sides indicating no further attacks against each other. However, Israel continued its attack on northern Gaza strip for the second day on Wednesday. Israel said it will continue with plans for attack on Rafah in the south.
May natural gas futures were trading at ₹165.90 on MCX during the initial hour of trading on Thursday morning against the previous close of ₹168, down by 1.25 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), May jeera contracts were trading at ₹22900 in the initial hour of trading on Thursday morning against the previous close of ₹22755, up by 0.64 per cent.
June turmeric (farmer polished) futures were trading at ₹19250 on NCDEX in the initial hour of trading on Thursday morning against the previous close of ₹19386, down by 0.70 per cent.