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Last Updated : Oct 23, 2019 10:20 AM IST | Source: Moneycontrol.com

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

According to Angel Commodities, WTI oil prices increase 1.26 percent on Tuesday to close at $54.2 per barrel after China signalled progress in trade talks with the United States and OPEC and its allies mulled deeper production cuts, but gains were capped by forecasts of a build up in US crude stock piles.


Angel Commodities' report on Crude Oil


WTI oil prices increase 1.26 percent on Tuesday to close at $54.2 per barrel after China signalled progress in trade talks with the United States and OPEC and its allies mulled deeper production cuts, but gains were capped by forecasts of a build up in US crude stock piles. Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November's APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month. On the MCX, oil prices increased by 1.45 percent to close at Rs.3852 per barrel.


Outlook


We expect oil prices to continue its weakness in the coming trading session as increase in oil inventories in the US and slowing global economy are the near term push factors. On the MCX, oil prices are expected to trade lower today, international markets are trading flat at $54.2 per barrel.


For all commodities report, click here


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First Published on Oct 23, 2019 10:20 am
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