According to Angel Broking, On Tuesday, crude prices ended higher by 0.26 percent to close at $58.2 per barrel.
Angel Broking's report on Crude Oil
On Tuesday, crude prices ended higher by 0.26 percent to close at $58.2 per barrel. Prices rose after witnessing multiple sessions of downfall over hopes that the preliminary trade deal which is to be signed by U.S. & China might improve the demand prospects for Crude. In the phase one trade deal China has agreed to buy more than $50 billion in energy supplies from the U.S. over the next two years which might boost the demand for Crude. Moreover, despite the ugly trade dispute between U.S. & China which roiled the international markets and hampered the demand prospects for Crude; China's crude oil imports surged 9.5% in 2019.
Optimism over U.S.-China trade deal might provide some support for the Crude prices. On the MCX, oil prices are expected to trade sideways today; International markets are trading higher by 0.24 percent at $58.09 per barrel.
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