Expect Crude Oil prices to trade higher today: Angel Commodities
According to Angel Commodities, We expect oil prices to trade higher today continuing its positive momentum from the previous trading session.
Angel Commodities' report on Crude Oil
WTI oil prices rose by 0.8 percent to close at $49.1 per barrel prices settled at a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week, a positive sign for markets ahead of next week's OPEC meeting, where major oil producers are expected to extend supply cuts.
We expect oil prices to trade higher today continuing its positive momentum from the previous trading session. Continuous withdrawal of inventories in the US for consecutive six weeks in a row is possible factor for positive oil prices. On the MCX, oil prices are expected to trade higher today, although international markets are trading lower by 0.35 percent at $48.90 per barrel.
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