Moneycontrol Be a Pro
Get App
Last Updated : Jun 21, 2017 01:19 PM IST | Source: Moneycontrol.com

Expect Crude Oil prices to trade sideways today: Angel Commodities

According to Angel Commodities, on the MCX, oil prices are expected to trade sideways today, international markets are trading higher by 0.5 percent at $43.4 per barrel.


Angel Commodities' report on Crude Oil


WTI oil prices plunged by 2.2 percent on Tuesday towards nine-month lows of $42.75/bbl as supply glut ceased to ease despite highest compliance by OPEC and non-OPEC oil producers' with the deal to cut output in May. OPEC supplies jumped in May’17 as output recovered in Libya and Nigeria, both exempt from the production reduction agreement.


Outlook


We expect oil prices to trade sideways today after a sharp plunge in the last session although supply overhang continues to bother oil markets with increasing rig counts in the US and recovery in supplies from the Middle East. On the MCX, oil prices are expected to trade sideways today, international markets are trading higher by 0.5 percent at $43.4 per barrel.


For all commodities report, click here


Disclaimer: 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.



Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.
First Published on Jun 21, 2017 01:19 pm
Loading...
Follow us on
Available On