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Last Updated : Mar 01, 2017 12:14 PM IST | Source: Moneycontrol.com

Expect Crude Oil prices to trade higher today: Angel Commodities

According to Angel Commodities, We expect oil prices to trade higher today as OPEC‘s compliance to output cuts rose further in February to 94 percent.



Angel Commodities' report on Crude Oil


WTI oil prices fell marginally yesterday to close at $54 per barrel as US crude oil stocks have witnessed gains for seven weeks in a row, thereby igniting concerns that the supply cut by OPEC will be overpowered by rising supplies from the US.


Outlook


We expect oil prices to trade higher today as OPEC’s compliance to output cuts rose further in February to 94 percent. Also, recent comments by Russian oil minister along with record high net long U.S. crude futures and options positions will boost prices.


However, US crude oil stocks data due tonight will be keenly watched. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.2 percent at $54.1 per barrel.


For all commodities report, click here

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First Published on Mar 1, 2017 12:14 pm
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