Crude Oil prices to trade higher Angel Commodities
According to Angel Commodities,We expect oil prices to trade sideways today, international markets are trading higher by 0. 8 percent at $4 7.86 per barrel while hurricane season will disturb the refining capacity in the US it remains to be seen how the hurricane IRMA proceeds in the Caribbean.
Angel Commodities' commodity report on Crude Oil
WTI oil prices rose 2.1 percent last week to close at $47.5 per barrel while MCX oil prices rose 0.8 percent to close at Rs.3045 per barrel. The U.S. Energy Information Administration said on Thursday U.S. weekly crude stocks increased 4.6 million barrels last week, topping analysts' forecast for a 4.0 - million - barrel build in a Reuter’s poll. Reflecting the impact of Harvey which hit the Gulf Coast on Aug. 25, the EIA said U.S. oil refinery utilization rates slumped 16.9 percentage points to 79.7 percent last week, the lowest rate since 2010. Texas was edging towards recovery from the devastation of Harvey that hit its coast late on Aug. 25, as shipping channels, oil pipelines and refineries restarted some operations. At its peak, the hurricane knocked out almost a quarter of all U.S. refining capacity.
OutlookWe expect oil prices to trade sideways today, international markets are trading higher by 0. 8 percent at $4 7.86 per barrel while hurricane season will disturb the refining capacity in the US it remains to be seen how the hurricane IRMA proceeds in the Caribbean. On the MCX, oil prices are expected to trade higher today.
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