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.
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