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Last Updated : Sep 17, 2019 11:17 AM IST | Source: Moneycontrol.com

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

According to Angel Commodities, on Monday, WTI Crude prices surged over 14.6 percent to close at $62.9 per barrel.

Representative Image
Representative Image

Angel Commodities' report on Crude Oil


On Monday, WTI Crude prices surged over 14.6 percent to close at $62.9 per barrel. The significant movement was seen in the Crude prices after two oil facilities in Saudi (Abqaiq and Khurais) were attacked eliminating about 5.7 million barrels of production. Saudi which was traditionally considered the world's Crude supplier of last resort might have to suspend its operations to half and raise severe supply concerns for Crude. However, the gains might be capped due to an evident slowdown in China which is one of the biggest consumers of Crude. China’s industrial growth slumped to its weakest levels in over 17 years due to weakening of domestic demand and escalating tension between U.S. & China.


Outlook


Severe attacks on Saudi’s two major oil facilities might lead to global shortage and in turn support Crude. However, slowdown in China might limit the gains. We expect oil prices to trade higher today, international markets are trading lower by 1.5 percent at $61.72 per barrel.


For all commodities report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Sep 17, 2019 11:17 am
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