Angel Broking's report on Crude Oil
On Thursday, WTI Crude prices declined by 2.23 percent to close at $52.1 per barrel. The decline in oil prices continued on account of build-up in crude oil inventories and demand expectations hampered on account of corona virus outbreak in China. Early Wednesday, the Energy Information Administration reported that U.S. crude supplies rose by 3.5 million barrels for the week ended Jan. 24. The EIA’s data showed a weekly climb was the largest since the 7.9 million-barrel rise reported for the week ended Nov. 1. Oil prices dipped this week as the markets expected that the newly identified coronavirus might dent the demand for fuel. The World Health Organization (WHO) declared the coronavirus as a global emergency after the death toll in China reached 213 and the virus breaking out to over 18 nations.
Demand concerns arising from China reflecting the new virus outbreak might weigh on the Crude prices. On the MCX, oil prices are expected to trade sideways today.
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