According to Angel Broking, Oil On Monday, WTI Crude prices ended lower by 0.3 percent to close at $59.0 per barrel.
Angel Broking's report on Crude Oil
Oil On Monday, WTI Crude prices ended lower by 0.3 percent to close at $59.0 per barrel. Weakening of demand prospects around the globe over powered the pros of deepening in the production cuts by OPEC+ in the coming months. Prices surged last week after OPEC+ agreed to deepen the output cuts from 1.2 million bpd to 1.7 million bpd which limited the downfall. However, weak export number from China reflecting the prolonged trade spat weighed on the demand prospects for Crude.
We expect oil prices to trade sideways today mixed signals from the Sino-American trade spat might weigh on the Crude prices. However, positive industrial data might provide some support. On the MCX, oil prices are expected to trade higher today, international markets are trading marginally lower by 0.03 percent at $59.00 per barrel.
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