According to Sushil Finance, expect crude oil prices to trade negative on the back of profit booking after up - move in prices.
Sushil Finance's commodity report on crude oil
Oil prices fell more than 1.5 percent on Thursday, as a bruising d ay on Wall Street bolstered fears of slowing demand amid lingering concerns over a global oversupply of crude. And while the Organization of the Petroleum Exporting Countries raised its outlook for oil demand in 2018 and cut its forecasts for output from rivals next year, yet another increase in the group's production suggested the market will remain in surplus despite efforts to limit supply. OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia, citing figures it collects from secondary sources. Crude prices are down nearly 7 percent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut. Global crude stocks remain above their longer - term averages and with the U.S. summer driving season nearly at an end, Wednesday EIA data showed gasoline inventories rose for the first time in eight weeks. EIA data also showed inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks.
OutlookWe expect crude oil prices to trade negative on the back of profit booking after up - move in prices.
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