Crude oil futures traded higher on Friday morning despite weaker-than-expected US economic growth. However, the United States saw a decline in unemployment claims last week.
At 9:52 am Friday, July Brent crude futures were up 0.97% at $78.98. His WTI crude futures for June were up 0.90% to $75.43.
Crude oil futures in May were trading at Rs 6,177 on the Multi Commodity Exchange (MCX), up 0.60% from last closing at Rs 6,140. Futures for June were up 0.65 per cent and he was trading at INR 6,155.
worry about hiking
According to the U.S. Bureau of Economic Analysis, real gross domestic product (GDP) grew at an annualized rate of 1.1% in the first quarter of 2023. In the fourth quarter of 2022, real GDP increased by 2.6%.
The first-quarter increase primarily reflected higher consumer spending, partially offset by lower inventory investment.
U.S. unemployment claims declined in the week ending April 22, according to the U.S. Department of Labor. US jobless claims fell from 246,000 in the week ending April 15th to 230,000 in the week ending April 22nd.
However, the market is now concerned about rate hikes by central banks of various countries to curb inflation. Rising interest rates affect demand for commodities such as crude oil.
Natural gas falls, Zira rises
Natural Gas futures for May were trading at Rs 193.40 on the MCX in the first session, down 0.51% from the previous close to Rs 194.40.
On the National Commodities and Derivatives Exchange (NCDEX), the May jeera contract is trading at INR 43,885, up 1.95% from its previous close of INR 43,045.
May Dhaniya futures were trading at Rs 6,550 on NCDEX before closing at Rs 6,410, up 2.18%.
