According to Angel Commodities, On Thursday, WTI Crude prices ended marginally higher by 0.03 percent to close at $58.1 per barrel.
Angel Commodities' report on Crude Oil
On Thursday, WTI Crude prices ended marginally higher by 0.03 percent to close at $58.1 per barrel. The robust rally in Crude prices earlier this week continued to lose steam as Saudi’s energy stated that they might restore the lost production by the end of this month. he further added that Saudi Arabia will produce 12 million barrels per day by the end of November, 2019. Prices were further pressurized after U.S. Crude inventory levels surged unexpectedly in the week ending on13th September 2019. After declining for four weeks continuously, the inventory levels rose by 1.1 million barrels after the refineries trim down production amid growing imports. Prices were further pressurized as China’s Manufacturing sector PMI declined to 49.5 in August 2019 due to weakening of domestic demand and escalating tension between U.S. & China.
Easing of global supply concerns amid weak economic number by China might weigh on the prices. We expect oil prices to trade higher today, international markets are trading higher by 1.01 percent at $58.7 per barrel.
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