Moneycontrol
Feb 17, 2017 02:31 PM IST | Source: Moneycontrol.com

Expect Crude Oil prices to trade lower today: Angel Commodities

According to Angel Commodities, We expect oil prices to trade lower today on account of profit booking at higher levels as US crude inventories continues to rise for the past three weeks in a row.



Angel Commodities report on Crude Oil


WTI oil prices rose by 0.5 percent to close at $53.4 per barrel as the market weighed swelling U.S. inventories against possible renewed efforts by major oil producers to reduce a price-sapping glut. On the MCX, oil prices rose by 1 percent to close at Rs.3588 per barrel.


Outlook


We expect oil prices to trade lower today on account of profit booking at higher levels as US crude inventories continues to rise for the past three weeks in a row. Besides, OPEC may consider extending its supply reduction pact with non-members further creating supply glut in turn lower oil prices.


On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.15 percent at $53.44 per barrel

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