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.
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