Crudeoil prices are expected to trade sideways to higher: Angel Commodities

Angel Commodities' report on Crudeoil

WTI Crude prices surged by more than 1.5 percent in the yesterday’s trading session after the International Energy Agency said the market should expect tighter supply for now due to disagreements among major producers over how much additional crude to ship worldwide.

The agency has also predicted in its monthly report that robust global economic growth, rising vaccination rates, and easing social distancing measures will combine to underpin stronger global oil demand for the remainder of the year.

However, worries over tighter pandemic led curbs in many regions of Asia, Australia and Europe following the increase in the Delta variant cases restricted sharp gains in Crude Oil prices.

Outlook

Crude prices are likely to trade in a volatile manner. Firm equities, delay in Iran talks, lower US inventory, lack of clarity on OPEC output quota, and strong pent up demand are near term price drivers for rising oil prices. Oil prices are expected to trade sideways to higher on the MCX in today’s session.

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