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.
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.
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