Crudeoil prices expected to trade lower today: Angel Commodities

Angel Commodities' report on Crudeoil

On Thursday, WTI Crude prices ended higher by 1.04 percent to close at $53.4 per barrel. Prices were supported over expectations that OPEC and its allies might further deepen their production cuts in December 2019.

However, weaker demand prospects continue to limit the gains for oil prices. Prices couldn’t find any support even after U.S. & China agreed to the phase 1 to end the trade war as no clear details of the agreement faded the optimism of a possible deal.

The market sentiments were further pressurized after China’s factory activities dipped at the fastest pace in over than three years last month signalling towards a persistent weakness in their economy. Slowdown in the biggest Oil consumer’s economy might continue to weigh on the demand prospects.

Outlook

Expectation of surge in U.S. Crude inventory levels amid weakening of global demand prospects might weigh on the oil prices. We expect oil prices to trade lower today, international markets are trading lower by 0.82 percent at $52.92 per barrel.For all recommendations report, click here

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