According to Angel Commodities, expect oil prices to trade higher today on bargain hunting at lower levels while it remains to be seen how the inventories fare in the coming weeks.
Angel Commodities' report on Crude Oil
WTI oil prices rose by 3.2 percent on Wednesday to close at $47.3 per barrel olstered by the biggest one-week drop in U.S. inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to OPEC supply cuts.
We expect oil prices to trade higher today on bargain hunting at lower levels while it remains to be seen how the inventories fare in the coming weeks. OPEC members eagerness to compliance on output cuts will be a driving factor for oil prices in the near term. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by half a percent at $47.53 per barrel.
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