According to Angel Commodities, Last week, WTI Crude prices surged over 5 percent over falling inventory levels coupled with rising worries of a global supply shortage.
Angel Commodities' report on Crude Oil
Last week, WTI Crude prices surged over 5 percent over falling inventory levels coupled with rising worries of a global supply shortage. U.S. Crude stockpiles dipped over 9 million barrels which pushed Crude prices higher. U.S. Inventory levels continued to decline for the fourth week straight. Moreover, cyclone threatened crude production in the Gulf of Mexico amid rising tension from the Middle East. Oil companies in the Gulf of Mexico had to shut over 53 percent of the regions production. The prolonged trade spat between U.S. & China has shown no signs of easing off. The trade war is its second year now and it continues to hamper the global growth prospects & in turn limited the gains for Crude prices.
Weakness in China’s economy might raise further demand concerns for Crude and push the prices lower. On the MCX, oil prices are expected to trade lower today; international markets are trading lower by 0.38 percent at $59.98 per barrel.
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