According to Angel Commodities, on the MCX, oil prices are expected to trade lower today, international markets are trading flat at $44.47 per barrel.
Angel Commodities' report on Crude Oil
WTI oil prices declined by 0.6 percent on Thursday to close at $44.5 per barrel on the back of a surprise build in U.S. gasoline inventories and ongoing worries about heavy global supply. The dollar rose to its highest in more than two weeks, further weighing on oil by making it more expensive for buyers using other currencies.
We expect oil prices to trade lower continuing its weakness from the past few trading sessions while high inventories globally and supply overhang will continue to exert downside pressure on oil. On the MCX, oil prices are expected to trade lower today, international markets are trading flat at $44.47 per barrel.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.