According to Angel Broking, Last week, Crude prices plunged over 5 percent after chances of supply curbs arising from the Middle East eased down.
Angel Broking's report on Crude Oil
Last week, Crude prices plunged over 5 percent after chances of supply curbs arising from the Middle East eased down. Ugly military tension between U.S. & Iran supported the Crude prices earlier in the week over hopes of possible supply distress. However, soon the global worries eased after both the nations made conciliatory gestures which pressurized Crude prices. Moreover, rising U.S. Crude inventory levels further weighed on the prices. Crude stockpiles rose by 1.2 million barrels for the week ended 3rd January 2020 whereas the markets expected a decline of 3.6 million barrels.
Easing of tension between U.S. & Iran might continue to weigh on Crude prices; however, optimism over U.S.-China trade deal might provide some support for the prices. On the MCX, oil prices are expected to trade higher today; International markets are trading higher by 0.07 percent at $59.08 per barrel.
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