Crude oil futures saw gains on Friday morning following the release of stronger-than-expected economic data from the US.
As of 9:57 am on Friday, September Brent oil futures rose to $82.53, marking a 0.19% increase, while September crude oil futures on WTI (West Texas Intermediate) climbed to $78.44, up by 0.20%.
At the Multi Commodity Exchange (MCX), August crude oil futures were trading at ₹6579 during the initial hour of trading on Friday, slightly higher by 0.11% from the previous close of ₹6572. September futures were at ₹6501, up by 0.14% from ₹6492.
According to the latest estimate from the US Bureau of Economic Analysis (BEA), the real GDP of the US grew at an annual rate of 2.8% in the second quarter of 2024, up from 1.4% in the first quarter. The BEA attributed this growth to increased consumer spending, private inventory investment, and non-residential fixed investment. The acceleration in the second quarter was driven by an upturn in private inventory investment and faster consumer spending compared to the previous quarter.
The positive GDP figures indicate improved economic activity in the largest consumer of crude oil globally.
In geopolitical developments, reports suggested progress towards a ceasefire between Israel and Hamas. US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu reportedly discussed a ceasefire deal during their meeting on Thursday. Market analysts believe that a potential peace agreement could mitigate risks of crude oil supply disruptions.
Elsewhere in commodity markets, August mentha oil futures traded at ₹967 on MCX, up by 0.68% from the previous close of ₹960.50. On the National Commodities and Derivatives Exchange (NCDEX), August guar gum contracts were priced at ₹10735, reflecting an increase of 0.86% from ₹10643. August cottonseed oilcake futures, however, were down by 0.31% at ₹2861 on NCDEX compared to the previous close of ₹2870.
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