According to Angel Commodities, expect oil prices to trade lower today on account of high inventory and doubt over commitment by the OPEC members to extend its compliance on output cut.
Angel Commodities' report on Crude Oil
WTI oil prices plunged 1.1 percent on Monday to close at $48.2/bbl while MCX oil prices declined by 1.1 percent to close at Rs.3161 per barrel. Prices witnessed pressure as supply still remains a concern with Libya’s major oil ports of Es Sider and Ras Lanuf resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes in the holder of Africa’s largest crude reserves.
We expect oil prices to trade lower today on account of high inventory and doubt over commitment by the OPEC members to extend its compliance on output cut. On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.3 percent at $48.4 per barrel.
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