According to Angel Commodities, WTI Crude oil prices after declining for multiple trading sessions over demand concerns rose on Thursday by 2.8 percent to close at $52.5 per barrel.
Angel Commodities' report on Crude Oil
WTI Crude oil prices after declining for multiple trading sessions over demand concerns rose on Thursday by 2.8 percent to close at $52.5 per barrel. Prices recovered after markets expected a surge in supply cuts by OPEC+ considering the downtrend in Crude prices. Moreover, China’s exports surged in the month of July over improved global demand despite of the ugly trade tension with U.S. coupled with strengthening of Yuan against the Dollar showed signs of revival in China’s economy. However, surge in U.S. Crude inventory amid escalating tension between U.S. & China which might dampen the outlook for global Crude demand. The Trade tensions between the United States and China further escalated as a report stated that U.S. is delaying the licensing work for the U.S. firms to resume their trade with China Tech giant, Huawei Technologies.
Escalating tension between U.S. & China after the super power nations ended the month long trade truce might raise severe demand concerns for Crude and push the prices lower. On the MCX, oil prices are expected to trade sideways today; international markets are trading lower by 0.19 percent at $52.45 per barrel.
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