Crude Oil prices to trade sideways to higher: Angel Commodities

Saudi Arabia, the second largest producer of crude oil to world, faced an attack on its oil infrastructure facilities on September 14, which caused a sharp increase in fuel prices. Do you know where petrol prices were the highest? Here's a list of the countries where petrol is the cheapest and most expensive. (Note: All price comparisons are on rupee terms only. Global rates as of September, 16 2019 - Image: Reuters)

Angel Commodities' report on Crude Oil

MCX CPO closed lower on Friday due to cut in tariff values of all the edible oils. The base import price of crude palm oil and RBD palmolein was cut by $1 4 each and $17 to $6 44 per tn and $6 73 per tn, respectively. According to SEA monthly update, plam oil import s into the country were down 33% and 46% for CPO and RBD Palomlein in May compared to last year.  India’s palm oil imports dropped in May due to higher taxes on shipments while weaker rupees making import s expensive.

Outlook
CPO futures may trade sideways to higher due to expectation of good physical demand due to increase in import duty of soft oil. However, weak international prices and higher domestic stocks may pressurize prices at higher levels.
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