According to Angel Commodities, On Wednesday, Crude prices ended lower by 1.54 percent to close at $56.4 per barrel. Prices dipped over expectation of a larger than expected build up in the U.S. Crude inventory levels.
Angel Commodities' report on Crude Oil
On Wednesday, Crude prices ended lower by 1.54 percent to close at $56.4 per barrel. Prices dipped over expectation of a larger than expected build up in the U.S. Crude inventory levels. Prices have been under pressure as uncertainties around the 16-month long trade war between the United States and China sapped the demand prospects for oil. No concrete outcome of the prolonged trade and tariff spat continue to undermine the demand prospects for Crude and push the prices lower.
Weak economic data from China and U.S. amid fading optimism over a possible trade deal between U.S. & China might weigh on the prices. Moreover, rising U.S. Crude inventory levels might further weigh on the prices. On the MCX, oil prices are expected to trade lower today; international markets are trading lower by 0.12 percent at $56.28 per barrel.
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