According to Angel Commodities, Last week, Crude prices ended significantly lower by 3.9 percent as a sudden surge in U.S. Crude inventory levels amid increase in output by the OPEC raised oversupply concerns and pushed the prices lower.
Angel Commodities' report on Crude Oil
Last week, Crude prices ended significantly lower by 3.9 percent as a sudden surge in U.S. Crude inventory levels amid increase in output by the OPEC raised oversupply concerns and pushed the prices lower. As per reports from the U.S. Energy Information Administration, U.S. Crude stocks increased by 5.7 million barrels in the week to 25th Oct’19, whereas the analysts' expected a build-up of 494,000-barrel build. In October'19, OPEC's oil output bounced from an eight year low after witnessing a fast recovery in the Saudi Arabia's oil production capacity after the severe attacks last month. OPEC produced 29.59 million barrels per day in October'19 after recording its eight year low in September 2019. Rising supply in the global market amid weaker demand prospects pushed the prices lower.
Better than expected industrial activity data from China amid hopes of resolution of the trade and tariff war between U.S. & China might provide some support for Crude prices. On the MCX, oil prices are expected to trade sideways today; international markets are trading lower by 0.44 percent at $55.95 per barrel.
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