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

Angel Commodities' report on Crude Oil

On Thursday, WTI Crude prices ended higher by 1.83 percent to close at $53.6 per barrel. Prices rose after tension between U.S. & China eased down which improved the demand prospects for Crude. The preliminary, lower-level talks between U.S. & China which took place on Monday and Tuesday made no progress in the trade situations. The first day of high-level trade negotiations went well which raised the chances of a possible trade deal between U.S. & China. However, the gains were capped as the tension escalated when U.S. added some of Chinese start-ups in their blacklist which weighed on the hopes of a possible trade deal between U.S. & China. Prices were further supported after OPEC+ stated that they might consider deepening the production cuts to balance the crude market. They will discuss about it in their meeting which is scheduled in December 2019.

Outlook

Rising chnaces of a possible trade deal between U.S. & China might improve the demand prospects for Crude and push the prices higher. We expect oil prices to trade higher, international markets are trading lower by 0.29 percent at $52.44 per barrel.