home Latest News Crude oil prices to trade higher: Angel Commodities – Moneycontrol.com

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

This post was originally published on this site

Angel Commodities’ commodity report on crude oil

WTI oil prices rose by 0.4 percent on Thursday to close at $44.9 per barrel extending crude’s rally to a sixth straight session after a decline in weekly U.S. crude production temporarily eased concerns about deepening oversupply. In recent weeks, funds have been unloading long speculative positions, reducing bets on higher prices while brokerages including Goldman Sachs and Societe Generale have cut their 2017 forecasts for crude prices. SocGen on Thursday estimated U.S. crude futures would average $47.5 0 a barrel in the third quarter, down from previous expectations for $55. On the MCX, oil prices rose by 0.9 percent to close at Rs.2918 per barrel.

We expect oil prices to trade higher today continuing its positive momentum from the previous trading session although oil inventories remain high and supply overhang continues to drive the story in oil markets. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.6 percent at $45.20 per barrel.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.