According to Angel Broking, On Tuesday, WTI Crude prices ended higher by 0.25 percent to close at $56.0 per barrel. Expectation of deepening in the production cuts by OPEC+ in their upcoming meeting supported oil prices.
Angel Broking's report on Crude Oil
On Tuesday, WTI Crude prices ended higher by 0.25 percent to close at $56.0 per barrel. Expectation of deepening in the production cuts by OPEC+ in their upcoming meeting supported oil prices. Expectation of decline in the U.S. Crude inventory levels further supported the Crude oil prices. Official U.S. inventory data will be published on Wednesday i.e. today. The ministers of Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna on Thursday i.e. 5th December’19 and the OPEC along with their allies will meet on Friday i.e. 6th December’19. The gains for Crude were capped after tension between U.S. & China further ramped up dampening the demand prospects for Crude.
Expectation of deeper output cuts by OPEC+ and falling U.S. Crude Inventory levels might support Crude prices. However, escalating tension between U.S. & China might weigh on the prices. On the MCX, oil prices are expected to trade sideways today; international markets are trading higher by 0.50 percent to trade at $56.38 per barrel.
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