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Last Updated : Aug 02, 2018 05:13 PM IST | Source: Moneycontrol.com

Crude Oil prices to trade sideways: Angel Commodities

According to Angel Commodities, expect oil prices to trade sideways today as OPEC meeting in Vienna will be closely watched given reluctance to output cut by some members on fears that US may take advantage of this situation d gain market share.


Angel Commodities' report on Crude Oil

WTI oil prices declined 1 .2 percent to close at D 57.3 per barrel  as  global investor s remained cautious ahead of the key  OPEC meeting in  Vienna where OPEC  and non - OPEC members like Russia, are  to  discuss on prolonged extension to current production - cut deal . The Organization of the Petroleum Exporting Countries is heading for tougher - than - expected policy talks on Thursday. Its leader Saudi Arabia is pushing to extend output cuts by nine months while non - member Russia is hesitating due to worries that the market could overheat.

Outlook

We expect oil prices to trade  sideways today  as OPEC meeting in  Vienna will be  closely watched given  reluctance to output cut  by some members on fears that US may take  advantage of  this situation d gain  market share.

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First Published on Nov 30, 2017 01:39 pm
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