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Expect Crude Oil prices to trade higher: Angel Commodities – Moneycontrol.com

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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.

Outlook

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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