According to Angel Commodities, expect oil prices to trade higher today as international markets are trading higher by 0.5 percent at $50.66 per barrel.
Angel Commodities' report on Crude Oil
WTI oil prices declined by around 4 percent to close at $50.4 per barrel after a surprising build in U.S. gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut.
We expect oil prices to trade higher today as international markets are trading higher by 0.5 percent at $50.66 per barrel. Build up in gasoline inventories and US imports from the OPEC nations are push factors for oil prices. ON the MCX, oil prices are expected to trade higher today.
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