Crude oil gets a boost from US manufacturing data for March

Crude oil futures traded higher on Tuesday morning as manufacturing PMI data from the US showed growth in March.

At 9.53 am on Tuesday, June Brent oil futures were at $87.81, up by 0.45 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $84.10, up by 0.47 per cent.

April crude oil futures were trading at ₹7,005 on the Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹6,997, up by 0.11 per cent, and May futures were trading at ₹6,952, against the previous close of ₹6,939, up by 0.19 per cent.

First expansion in manufacturing

The ISM Manufacturing PMI jumped to 50.3 in March in the US, against 47.8 in February. The market was expecting a jump of 48.4 in March.

With this, the US witnessed the first expansion in manufacturing after a contraction of 16 months.

Earlier in the week, China’s manufacturing PMI data also showed a positive trend. The Caixin China General Manufacturing PMI increased to 51.1 in March, against 50.9 in February. March was the fifth straight month of growth in China.

Manufacturing numbers from the US and China indicate a revival in demand for commodities such as crude oil. Both the US and China buy a significant share of crude oil in the world market.

Meanwhile, the Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, will hold an online meeting on Wednesday to review the implementation of production output cuts by its members.

Guar gum, turmeric gain

April natural gas futures were trading at ₹152.80 on MCX against the previous close of ₹153.90, down by 0.71 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April guar gum contracts were trading at ₹10,260, against the previous close of ₹10,239, up by 0.21 per cent.

April turmeric (farmer polished) futures were trading at ₹16,562 on NCDEX during the initial hour of trading on Tuesday morning, against the previous close of ₹16,536, up by 0.16 per cent.

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