Crude oil futures fell on Thursday morning as new data indicated a slowdown in US economic growth. At 9:55 am, September Brent oil futures stood at $86.86, a decrease of 0.55%, while August WTI crude oil futures were at $83.33, down by 0.66%.
On the Multi Commodity Exchange (MCX), July crude oil prices were trading at ₹6,960, slightly up by 0.13% from the previous close, while August futures were at ₹6,912, up by 0.14%.
The ISM Services PMI in the US dropped to 48.8 in June from 53.8 in May, well below expectations of 52.5.
Additionally, there was an increase in initial claims for unemployment benefits, rising by 4,000 to 238,000 for the week ending June 29, according to the US Labour Department. The number of people receiving unemployment benefits also hit a two-and-a-half year high by the end of June.
Meanwhile, the US Energy Information Administration (EIA) reported a significant decrease in crude oil inventories, down by 12.2 million barrels for the week ending June 28. US crude oil inventories now stand at 448.5 million barrels, approximately 4% below the five-year average for this time of year. Motor gasoline inventories decreased by 2.2 million barrels from the previous week and were 1% below the five-year average.
Over the last four weeks, total products supplied in the US averaged 20.5 million barrels per day, a 1% decrease from the same period last year. Motor gasoline supplied averaged 9.2 million barrels per day over the same period, down by 1.7% year-over-year.
In other commodity markets, July mentha oil futures were trading at ₹957 on MCX, down by 0.39% from the previous close. On the National Commodities and Derivatives Exchange (NCDEX), August turmeric contracts were trading at ₹16,100, a decrease of 0.42%, while July jeera futures were at ₹28,755, down by 0.60% from the previous close.