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

Angel Broking's report on Crude Oil

On Thursday, WTI Crude prices ended higher by 0.93 percent to close at $61.7 per barrel. Easing of trade tension between U.S. & China coupled with expectation of a decline in the U.S. Crude inventory levels supported Crude prices. U.S. & Chinese officials have stated that they are nearing a contract which further supported Crude prices. Signing the phase one trade deal would be the first step to end the 18 month long which has hampered the demand prospects for Crude. OPEC and its allies like Russia stated that they will continue with their production cuts till they get the prices in check which continued to support Crude oil prices.

Outlook

Possible supply curbs in the coming months and optimism over a trade deal between U.S. & China might support Crude prices. Markets will have a keen eye on the official Crude inventory data which is due later in the day. On the MCX, oil prices are expected to trade higher today; international markets are trading higher by 0.26 percent at $61.84 per barrel.

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