Crude oil prices to trade sideways down today: Karvy Commodities

Karvy Commodities report on Crude oil Crude oilCrude oil prices yesterday posted massive gains after the rumors of upcoming OPEC meeting in Algeria during mid- September this year. As per the closing basis, WTI International posted gains more than 2%, ending the day’s trade at $42.87/bbl. October contract Brent crude oil managed gaining more than 1.50%, ending the day’s trade at $45.18/bbl. August contract MCX crude oil posted gains more than 3.50%, registering at Rs.2891/bbl. OutlookInternational crude oil today is running down as the same came back to its normal fundamentals. Yesterday’s sudden gains were only because of the comments from Qatari minister who mentioned that members are trying to stabilize the crude oil market. For all commodities report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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