According to Angel Commodities, expect oil prices to trade lower today on profit booking at higher levels, besides, the rise in product inventories is also a cause of concern.
Angel Commodities' report on Crude Oil
WTI oil prices declined 3 percent on Wednesday to close at D56 per barrel its biggest daily decline in more than two months, after a sharp rise in U.S. inventories of refined fuel suggested demand may be flagging, while U.S. crude production hit another weekly record. U.S. gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, government data showed, both exceeding expectations in a Reuters poll.
We expect oil prices to trade lower today on profit booking at higher levels, besides, the rise in product inventories is also a cause of concern.
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