Crude Oil prices are expected to trade higher today: Angel Broking

Angel Broking's report on Crude Oil

On Monday, WTI Crude prices ended higher by 0.42 percent to close at $58.0 per barrel. Optimism over a possible trade deal between U.S. & China might improve the demand prospects for Crude which supported the prices. Reports stated that the biggest oil consumers in the world are nearing a phase one trade deal which might increase the demand for Crude oil. Moreover, prices were further supported after reports stated that OPEC+ might continue with their output cuts till mid-2020. The Organization of the Petroleum Exporting Countries (OPEC) along with Russia will meets on 5 th December 2019 at its headquarters in Vienna to discuss on the stance in the coming months.

Outlook

Optimism over a possible trade deal between U.S. & China might improve the market sentiments and push the prices higher. On the MCX, oil prices are expected to trade higher today; international markets are trading marginally lower by 0.02 percent at $58.0 per barrel.

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