Crude Oil prices are expected to trade sideways today: Angel Commodities

Angel Commodities' report on Crude Oil

On Tuesday, WTI Crude prices ended lower by 0.48 percent to close at $55.5 per barrel. Price dipped after investors trimmed their long position ahead of the U.S. Crude inventory data which will be published later today. Crude prices were further pressurized after the inventory levels at the Cushing delivery hub rose last week. Prices were further pressurized the 16-month long trade war between the United States and China, which has sapped the demand for oil. However the downtrend was restricted after U.S. President Donald Trump said that he expected to sign a significant part of the trade deal with China ahead of scheduled meeting in Chile.

Outlook

Slowing of global economy growth might weigh on the demand prospects for Crude and push the prices lower. However, optimism over a possible trade deal between U.S. & China might provide some support On the MCX, oil prices are expected to trade sideways today; international markets are trading lower by 0.52 percent at $55.25 per barrel.