As of 9:53 am on Tuesday, September Brent oil futures were recorded at $84.62, marking a decrease of 0.27%. Similarly, September crude oil futures for WTI stood at $80.59, reflecting a decline of 0.31%.
In India, during the initial hour of trading on Tuesday, July crude oil futures on the Multi Commodity Exchange (MCX) were priced at ₹6,828, down by 0.28% from the previous close of ₹6,847. Meanwhile, August futures traded at ₹6,752, showing a decrease of 0.27% compared to the earlier close of ₹6,770.
China’s Economic Indicators
China reported a 4.7% GDP growth for the second quarter of 2024, falling short of market expectations which had anticipated 5.1%. This figure marks a decline from the 5.3% growth recorded in the previous quarter. The country’s oil imports declined in June, attributed to weakening demand. Refinery output also saw a decrease of 3.7%, influenced by refinery maintenance, lower processing margins, and reduced product demand.
As the world’s second-largest consumer of crude oil, developments in China’s economy and energy consumption patterns hold significant implications for global markets.
US Federal Reserve’s Monetary Policy
Federal Reserve Chair Jerome Powell’s recent comments have sparked speculation about potential interest rate cuts in the United States. Powell indicated progress in managing inflation during the second quarter, which could pave the way for policy adjustments if sustained. Market analysts suggest that lower interest rates in the US could bolster global oil demand.
Other Commodity Movements
In the commodities sector, July natural gas futures traded at ₹180.30 on MCX, down by 2.70% from the previous close of ₹185.30. On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were priced at ₹15,580, reflecting an increase of 0.58% from the earlier close of ₹15,490. Conversely, July jeera futures on NCDEX were valued at ₹26,170, down by 0.83% from ₹26,390.
The fluctuating trends across global oil and commodity markets underscore ongoing economic uncertainties and their impact on investor sentiment worldwide.
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