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Brent oil futures and West Texas Intermediate (WTI) experienced a surge today, climbing to $85.19 and $81.08 respectively. The rise is attributed to the US Federal Reserve’s decision to maintain high interest rates, a move which could potentially slow down US economic growth and subsequently decrease crude oil demand.
On the Multi Commodity Exchange (MCX), crude oil futures for November and December traded at ₹6,767 and ₹6,752 respectively. In contrast, natural gas futures took a downward turn, falling to ₹299.70.
The American Petroleum Institute (API) reported a less-than-forecasted increase in US crude oil inventories, with an additional 1.34 million barrels noted this week. This smaller increase could indicate a tightening supply-demand balance in the market.
Meanwhile, China’s Manufacturing Purchasing Managers Index (PMI) fell to 49.5 today, suggesting a potential decline in China’s crude oil consumption due to weaker manufacturing activity. The PMI is an indicator of economic health for manufacturing and service sectors; a reading below 50 signals contraction.
In other commodities news on the National Commodities and Derivatives Exchange (NCDEX), November contracts for jeera fell to ₹43,300 while December futures for turmeric rose to ₹13,526. These shifts demonstrate the diverse impacts of global economic conditions on commodity prices.
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Source: Investing.com
