Crude oil futures are on the track for their third consecutive weekly decline after US President Donald Trump reiterated his statement to increase crude oil production in the US. However, crude oil futures traded higher on Friday morning.
At 9.55 am on Friday, April Brent oil futures were at $74.54, up by 0.34 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $70.80, up by 0.27 per cent.
February crude oil futures were trading at ₹6205 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6210, down by 0.08 per cent, and March futures were trading at ₹6206 against the previous close of ₹6210, down by 0.06 per cent.
On Thursday, Trump reaffirmed his plans to increase crude oil production in the US to boost energy independence and to bring down the price of the commodity.
His statement comes at a time when the US has been witnessing an increase in crude oil inventory level. The recent weekly petroleum status report by the US EIA (Energy Information Administration) showed a huge increase in the inventories in the US.
According to the report, crude oil inventories increased by 8.7 million barrels in the US for the week ending January 31. This was above the market expectation of 2 million barrels increase. The industry body American Petroleum Institute had forecasted crude oil inventories in the US to increase by 5.025 million barrels during the period.
February zinc futures were trading at ₹271.35 on MCX during the initial hour of trading on Friday against the previous close of ₹269.35, up by 0.74 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), February castorseed contracts were trading at ₹6466 in the initial hour of trading on Friday against the previous close of ₹6498, down by 0.49 per cent.
April turmeric (farmer polished) futures were trading at ₹13578 on NCDEX in the initial hour of trading on Friday against the previous close of ₹13552, up by 0.19 per cent.
