According to Angel Broking, Last week, WTI Crude prices dipped marginally lower by 0.9 percent as an unexpected build up in the U.S. inventory levels raised concerns of oversupply in the global market.
Angel Broking's report on Crude Oil
Last week, WTI Crude prices dipped marginally lower by 0.9 percent as an unexpected build up in the U.S. inventory levels raised concerns of oversupply in the global market. U.S. Crude inventory levels rose over 2M barrels in the earlier week, constantly building up Crude inventory level amid weakening of demand around the globe weighed on the prices. 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. Prices found some support after U.S. officials stated that both the nations are nearing an interim trade deal. However, no concrete outcome of the prolonged trade war weighed on the market sentiments.
No concrete outcome of the protracted trade war might weigh on the market sentiments and push the prices lower. On the MCX, oil prices are expected to trade sideways today; international markets are trading marginally higher by 0.02 percent at $57.84 per barrel.
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