Crude oil fell Friday morning after conflicting views expressed by Russia and Saudi Arabia on the energy commodity market.
As of 9:52 a.m. on Friday, July Brent futures were down 0.35% at $75.99 and WTI July delivery was down 0.17% at $71.71.
Multi Commodity Exchange (MCX) June crude oil futures traded 0.02% higher at Rs 5,947 to Rs 5,946 in Friday morning trading, while July crude futures traded at Rs 5,978 compared to the previous close. had been traded. It closed 0.02% higher at £5,977.
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Crucial Vienna June 4th
Russian media, citing Russian Deputy Prime Minister Alexander Novak, said OPEC (Organization of the Petroleum Exporting Countries) and its allies, known as OPEC Plus, would announce new measures on oil production cuts at their meeting in Vienna on June 4. reportedly unlikely to be announced. .
He cited high interest rates in the United States and a slow economic recovery in China as reasons. (The US and China are major consumers of crude oil).
Saudi Arabia and other OPEC producers announced abrupt production cuts in April to prevent oil prices from falling on global markets.
However, the Russian Deputy Prime Minister’s statement contradicted recent statements by the energy minister of Saudi Arabia’s Prince Abdulaziz bin Salman.
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Speaking at the Qatar Economic Forum in Doha this week, Saudi Arabia’s energy minister said: “Speculators, like any market, they will stay there. I keep advising them to keep in touch. They did in April. I won’t.” I’m a poker player So no need to show your card…but I would like to tell them to be careful. “
Markets took the statement as a hint for further production cuts by OPEC+ in the coming days.
US moves closer to debt ceiling deal
Russia and Saudi Arabia are major producers of crude oil in the world market, and their views have a significant impact on the crude oil market.
U.S. President Joe Biden and Republican leader Kevin McCarthy are close to reaching a deal to raise the debt ceiling, Reuters reported, citing U.S. officials.
The market was expecting a slowdown in the US economy if the US failed to raise the debt ceiling. If the economy slows, it will affect the prices of commodities such as oil.
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Turmeric and guar gum trade drops
June Zinc futures on MCX opened Friday morning at ₹208.90, up 1.28% from a previous close of ₹206.25 at ₹206.25.
On the National Commodity Derivatives Exchange (NCDEX), guar gum for June was trading at 10,450 rupees when it opened Friday morning, down 2.05 per cent from its previous closing price of 10,669 rupees.
June Turmeric (Farmer Polished) futures on NCDEX were trading at ₹8,034 at the opening of trading on Friday morning, down 1.40% from the previous close of ₹8,148.