Angel Commodities' report on Crude Oil
Last week, WTI crude prices declined marginally by 0.2 percent. Output cuts by OPEC and its allies led to a surge in crude prices. Further support was provided over hopes that that China and Japan would take fiscal stimulus measures to improve their economic situation. However, China’s economy grew at a least pace in 28 years coupled with trade spat between US & China has raised global economic growth concerns in turn leading to a weaker demand prospects for energy.
Outlook
Global sentiments might weigh on the crude oil prices. On the MCX, oil prices are expected to trade sideways today; international markets are trading higher by 0.61 percent at $ 53.36 per barrel.
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