Crude oil futures, which lost nearly 9 per cent in the previous two trading sessions, traded higher on Thursday morning. At 10.01 am on Thursday, March Brent oil futures were at $78.67, up by 1.07 per cent, and February crude oil futures on WTI were at $73.68, up by 1.15 per cent. January crude oil futures were trading at ₹6,135 on the Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning, against the previous close of ₹6122, up by 0.21 per cent; and February futures were trading at ₹6,195, as against the previous close of ₹6,178, up by 0.28 per cent.Investors looked at the potential decline in the pace of interest rate hikes in the US, which they felt would help crude oil prices. The minutes of the Federal Open Market Committee (FOMC) released on January 4 showed the meeting agreeing that the US central bank should slow the pace of its aggressive interest rate increases, allowing them to continue increasing the cost of credit to control inflation, but in a gradual way meant to limit the risks to economic growth.Expecting steady demand for crude oil in the long term, investors decided to take advantage of declines to buy futures. Citing data from American Petroleum Institute, Reuters reported that US crude oil inventories increased by 3.3 million barrels last week, following a decline in in the previous two weeks. However, official data on crude oil inventories from the US EIA (Energy Information Administration) is expected later in the day. January natural gas futures were trading at ₹343.6 on MCX in the initial trading hour of Thursday morning, against the previous close of ₹349.20, down by 1.60 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), January cottonseed oilcake contracts were trading at ₹3,163 in the initial trading hour of Thursday morning, against the previous close of ₹3,117, up by 1.48 per cent. January turmeric (farmer polished) futures were trading at ₹7,920 on NCDEX in the initial trading hour of Thursday morning, against the previous close of ₹7,958, down by 0.48 per cent.SHARE
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