Angel Broking's report on Crude Oil
On Monday, WTI Crude prices plunged over 3.6 percent to close at $51.4 per barrel as the rapidly spreading Coronavirus dented the demand prospects for Crude. Markets assessed that the lethal virus breakout could lead to a far greater economic damage than initially thought which led to a significant downfall in oil prices The OPEC+ stated that they would further trim their output to counter the slumping demand due to the coronavirus outbreak in the major Crude consumer, China. However, demand woes overpowered a possible supply side stress by major producers and pushed the prices lower.
Rising number of cases of the Coronavirus might further dent the demand worries for Crude and push the prices lower. On the MCX, oil prices are expected to trade lower today.
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