Angel Commodities’ report on Crude Oil
Oil prices rose slightly on Monday, barely paring last week’s steep losses with the market remaining cautious as increases in U.S. drilling activity have undercut an OPEC-led push to tighten supply.Trading was subdued due to public holidays in China, the United States and Britain. the market remains uncertain about whether the extension of output cuts by OPEC and other producing countries will be enough to support prices.
We expect oil prices to trade higher as strong start to the summer driving season will be a supportive factor for oil prices while high global inventories remains a cause of concern.On the MCX, oil prices are expected to trade sideways today, international markets are trading higher by 0.16 percent at $49.86 per barrel.
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