According to Angel Commodities, on the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.3 percent at $44.6 per barrel.
Angel Commodities' report on Crude Oil
WTI oil prices plunged by 2.4 percent last week to close at $44.7 per barrel as a surprise build in U.S. gasoline inventories and ongoing worries about heavy global supply weighed on it. Prices did not gain momentum despite following comments by some Reuters sources that Saudi Arabia, the world's top oil exporter, will cut crude allocations to Asia in July to a total of about 300,000 barrels per day (bpd), deeper than in June.
We expect oil prices to trade lower as 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 lower by 0.3 percent at $44.6 per barrel.
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