Expect Crude Oil prices to trade higher today: Angel Commodities

Angel Commodities' report on Crude Oil

WTI oil prices declined by 1.3 percent on Thursday to close at $49 per barrel after a volatile session on Thursday, as the restart of two key Libyan oilfields and concerns about lack-luster gasoline demand fed concern over whether major oil producers can alleviate the glut of global inventories.

Outlook

We expect oil prices to trade higher today on bargain hunting at lower levels although high oil inventories in the US still remains a cause of concern. International markets are trading higher by around 1 percent today, hence, domestic markets will trade higher by around same margin.

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