According to Angel Commodities, on the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.07 percent at $44.70 per barrel.
Angel Commodities' report on Crude Oil
WTI oil prices declined by 3.7 percent on Wednesday to close at $44.7 per barrel hit by an unexpected large build in gasoline inventories and an international outlook that suggests a big increase in supply in the coming year.
We expect oil prices to trade lower today continuing its weakness from the previous trading session while increasing gasoline inventories in the US and weak gasoline demand are push factors for oil prices to be negative in the near term. On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.07 percent at $44.70 per barrel.
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