Crude Oil Today: Brent crude fell marginally as the market awaits key US data

Brent crude futures traded lower on Thursday morning as the market awaited key economic data from the US.

At 9:53 a.m. Thursday, August Brent crude futures were at $83.42, down 0.01 percent, and July WTI (West Texas Intermediate) crude futures were at $79.27, up 0.05 percent.

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June crude oil futures traded at ₹ 6,619 on the Multi Commodity Exchange (MCX) in early trade from the previous close of ₹ 6,624, down 0.08%, and July futures traded at ₹6,602 from the previous close of ₹6,604, down. by 0.03%.

Stocks are down

The market awaits the release of US gross domestic product (GDP) data later in the day. A strengthening economy can boost demand for commodities such as crude oil. At the same time, it could give the US Federal Reserve the ability to keep interest rates higher for longer. Such a move could hurt demand for commodities such as crude oil, as these commodities remain more expensive.

Recent statements from several US Federal Reserve officials have indicated that the Fed is waiting for inflation to fall before making a decision on interest rate cuts.

US PCE price index data is likely to be released on Friday. The US Fed will factor this data into its outlook for interest rates.

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China PMI data is also expected on Friday. Both the US and China are major consumers of crude oil in the global market, and these economic data would play a major role in deciding the price of this commodity.

Meanwhile, data from industry body the American Petroleum Institute (API) showed a drop in US crude inventories for the week ended May 24. According to the API, crude oil inventories fell by 6.49 million barrels in the week ended May 24, from a rise of 2.48 million barrels a week earlier.

Turmeric, jeera glitter

June copper futures were trading at ₹894.40 on MCX from the previous close of ₹903.55, down 1.01%.

On the National Commodity and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts traded at INR 18,802 from the previous close of INR 18,666, up 0.73%.

June Jeera futures traded at ₹28,780 on NCDEX in the first hour of trade on Thursday morning, against the previous close of ₹28,650, up 0.45%.