Petroleum futures traded lower on Tuesday early morning as the marketplace waited for the release of minutes of the conference of the United States Federal Reserve. This is in the middle of speculation of more production cuts by some members of OPEC (Organisation of the Petroleum Exporting Countries) in the coming days.
At 9.52 am on Tuesday, January Brent oil futures were at $81.92, down by 0.49 percent, and January petroleum futures on WTI (West Texas Intermediate) were at $77.47, down by 0.46 percent.
December petroleum futures were trading at 6,471 on the Multi Product Exchange (MCX) in the preliminary trading hour of Tuesday early morning, versus the previous close of 6,543, down by 1.10 percent; and January futures were trading at 6,494, as versus the previous close of 6,550, down by 0.85 percent.
Indications of financial downturn.
Minutes of the conference of the United States Federal Reserve are anticipated to be launched in the future Tuesday. Previously this month, the United States Federal Reserve had actually kept the rates the same. Market gamers feel that the Fed is finished with treking rates of interest and it might start cutting rates by the very first quarter of 2024. Minutes of the conference will offer a clear photo on this.
On the other hand, signals of financial downturn in the United States next year has actually likewise kept market gamers on edge as they feel such an advancement might affect the need for products such as petroleum.
The marketplace is likewise waiting for the result of the conference of OPEC (Organisation of the Petroleum Exporting Countries) and its allies, called OPEC+, which is set up for November 26. Some market reports show that some significant manufacturers might reveal extra production cuts thinking about the present circumstance in the market.
OPEC+ members such as Saudi Arabia and Russia have actually currently extended their production output cuts till December-end. Market gamers feel that they might extend the production cuts in 2024 likewise.
The marketplace is likewise waiting for release of the petroleum stock information from the American Petroleum Institute (API) later on in the day. The last 2 information releases had actually revealed a boost in stocks in the United States.
Dhaniya gains, turmeric slips.
November lead futures were trading at 189.85 on MCX in the preliminary trading hour of Tuesday early morning, versus the previous close of 190.80, down by 0.50 percent.
On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya agreements were trading at 8,188 in the preliminary trading hour of Tuesday early morning, versus the previous close of 8,156, up by 0.39 percent.
December turmeric (farmer polished) futures were trading at 12,450 on NCDEX in the preliminary trading hour of Tuesday early morning, versus the previous close of 12,496, down by 0.37 percent.
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