According to Angel Commodities, last week, oil prices rose by 4.5 percent while MCX oil prices gained by same margin in the same time frame. Prices hit their highest since December, 2014 after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.
Angel Commodities' report on Crude Oil
Last week, oil prices rose by 4.5 percent while MCX oil prices gained by same margin in the same time frame. Prices hit their highest since December, 2014 after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Price support has also been coming from supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018. Reacting to the three - year price high, Russian Energy Minister Alexander Novak said the oil market was not yet balanced and that the global deal to cut output should continue as the price rise could be due to cold weather.
Outlook
We expect oil prices to trade higher continuing its positive momentum from the previous trading session while US crude inventories have been posting consecutive declines and OPEC has been compliant capping its oil output. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.4 percent at $66.38 a barrel.
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