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

Angel Commodities' report on Crude Oil

On Monday, WTI Crude prices rose by 1.2 percent to close at $56.9 per barrel over rising chances of a possible rate cut by the U.S. Federal Reserve. Rate cut by the U.S. FED might weigh on the Dollar and in turn make Crude cheaper for other currency holders. Major trade officials of U.S. & China will meet in Shanghai today to start their two days of trade and try and resolve the ugly trade spat. However, the chance of resolution of the prolonged trade war seems to be low.

Outlook

Chances of a rate cut by the U.S. FED in its today’s meeting might weigh on the Dollar and in turn support Crude prices. On the MCX, oil prices are expected to trade higher today; international markets are trading higher by 0.23 percent at $57.2 per barrel.

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