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’ report on Crude Oil

WTI oil prices rose by 2.2 percent on Wednesday to close at $49.3 per barrel after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though U.S. data showed another big increase in domestic inventories due to Hurricane Harvey. U.S. Energy Information Administration (EIA) data showed a build of 5.9 million barrels of crude last week, exceeding expectations. On the MCX, oil prices rose by 2.3 percent to close at Rs.3162 per barrel.

We expect oil prices to trade higher today continuing its recent strength while surplus in EIA inventory is something that needs a closer watch. On the MCX, oil prices are expected to trade higher today, international markets are trading lower by 0.2 percent at $49.22 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.