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Last Updated : Jan 29, 2020 10:47 AM IST | Source: Moneycontrol.com

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

According to Angel Broking, Crude Oil On Tuesday, WTI Crude prices rose by 0.64 percent to close at $53.5 per barrel.


Angel Broking's report on Crude Oil


Crude Oil


On Tuesday, WTI Crude prices rose by 0.64 percent to close at $53.5 per barrel. After declining for multiple trading sessions’ oil prices rebounded as OPEC+ stated that they might deepen the output cuts to support Oil prices. Oil prices witnessed a significant dip as the markets expected that the newly identified respiratory virus called coronavirus might dent the demand for fuel. Markets will have a keen watch on the official U.S. Crude inventory data which will be published later in the day by EIA.



Outlook


Demand concerns arising from China reflecting the new virus outbreak might weigh on the Crude prices. On the MCX, oil prices are expected to trade higher today.


For all commodities report, click here

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First Published on Jan 29, 2020 10:47 am
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