Crude Oil Today: Crude oil futures trade higher despite industry data showing inventory rise

Crude oil futures traded higher on Wednesday morning despite industry data showing increase in inventories in the US.

At 9.54 am on Wednesday, September Brent oil futures were at $84.61, up by 0.46 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $81.22, up by 0.48 per cent.

July crude oil futures were trading at ₹6781 on Multi Commodity Exchange (MCX) during initial trading on Wednesday morning against the previous close of ₹6771, up by 0.15 per cent, and August futures were trading at ₹6742 against the previous close of ₹6736, up by 0.09 per cent.

Data released by the industry body American Petroleum Institute (API) showed an increase in crude oil inventories for the week ending June 21. According to API, crude oil inventories increased by 0.914 million barrels for the week ending June 21. The market was expecting the crude oil inventories to decline by 3 million barrels during the week. US is a major consumer of crude oil.

Official data today

Official data from the US EIA (Energy Information Administration) is expected later in the day. It will provide an idea about the crude oil inventory situation in the US.

Market is waiting for the release of the US PCE price index data later this week. This index is an indicator of the average increase in the prices for all domestic personal consumption. US Federal Reserve takes note of this data while taking decisions on interest rate revisions.

It is to be noted here that US Fed has kept interest rates unchanged for several months now to control inflation in that country. A reduction in interest rates will help boost demand for the commodities such as crude oil, and an increase in interest rates will impact the demand for it.

Jeera, guarseed slip

July natural gas futures were trading at ₹238.60 on MCX against the previous close of ₹240.70, down by 0.87 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹29,360 against the previous close of ₹29,620, down by 0.88 per cent.

July guarseed futures were trading at ₹5324 on NCDEX against the previous close of ₹5348, down by 0.45 per cent.

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