According to Angel Commodities, on the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.07 percent at $44.23 per barrel.
Angel Commodities' report on Crude Oil
WTI oil prices declined by 1.2 percent on Monday to close at $44.2 per barrel to a seven month low as market players saw more signs that rising crude production in the United States, Libya and Nigeria undercut OPEC-led efforts to support the market with output curbs.
We expect oil prices to trade lower today as supply overhang continues to bother oil markets while increasing rig counts in the US is also signalling further supply in turn exerting downside pressure on oil. On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.07 percent at $44.23 per barrel.
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