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Crude oil futures fell on Monday morning as China's recent import statistics showed a drop. On Monday, May Brent oil futures were at $81.55, down 0.65%, while April WTI (West Texas Intermediate) crude oil futures were at $77.47, down 0.69%.
During early trading on the Multi Commodity Exchange (MCX), March crude oil futures were trading at ₹6414, down by 0.70% from the previous close of ₹6459. April futures were trading at ₹6388, down by 0.81% from the previous close of ₹6440.
China’s crude oil imports declined during the first two months of 2024 compared with December 2023. During January-February 2024, China imported 10.74 million barrels a day of crude oil, compared with 10.4 million barrels a day in 2023, registering a growth of 3.3%. The Chinese Lunar New Year holiday and its travel helped crude oil consumption during these two months.
However, crude oil imports in the first two months of 2024 were less than December’s imports. China imported 11.39 million barrels a day of crude oil in December.
China is a major consumer of crude oil in the world market, and its consumption trend is significant in determining the price of the commodity. Meanwhile, the market is awaiting data from other sources during the week. The US consumer price index (CPI) inflation data, scheduled for release on Tuesday, will provide more insight into the likely interest rate scenario in the US in the coming months.
Apart from this, monthly reports from OPEC (Organization of the Petroleum Exporting Countries) and IEA (International Energy Agency) are also expected during the week. These reports would give an idea about the market outlook for the commodity. March natural gas futures were trading at ₹152.20 on MCX against the previous close of ₹151.70, up by 0.33%.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹18,808 a quitnal against the previous close of ₹18,086, up by 3.99%.
Also Read : Energy storage segment raise $9.2 bn funding via venture capital route in 2023 Crude oil rises as OPEC predicts higher demand in 2024
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