According to Angel Broking, On Tuesday, WTI Crude prices ended higher by 0.75 percent to close at $49.9 per barrel as worries over the virus outbreak arising from the major Crude consumer, China eased.
Angel Broking's report on Crude Oil
On Tuesday, WTI Crude prices ended higher by 0.75 percent to close at $49.9 per barrel as worries over the virus outbreak arising from the major Crude consumer, China eased. WTI Crude prices were pressurized earlier in the month as the markets expect that the economic damage due to the Coronavirus outbreak in China might dent the demand for fuel. However, easing of concerns over the virus outbreak might improve the demand prospects for Crude.
Easing of tension over the Coronavirus impact might improve the demand prospects for fuel and provide some support for the prices. On the MCX, oil prices are expected to trade higher today.
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