Expect Crude Oil prices to trade higher today

Moneycontrol

According to Angel Commodities, expect oil prices to trade higher today, continuing its positive momentum from the previous trading session, a risk of caution though as oil inventories remain in the US.

Expect Crude Oil prices to trade higher today: Angel Commodities

Angel Commodities’ report on Crude Oil

WTI oil prices rose 3.2 percent last week to close at $52.2 per barrel while MCX oil prices rose by 2.3 percent to close at Rs.3359 per barrel. The United States fired missiles at a Syrian government air base, raising concern that the conflict could spread in the oil-rich region. The toughest U.S. action yet in Syria’s six-year-old civil war has heightened geopolitical uncertainty in the Middle East.

Outlook

We expect oil prices to trade higher today, continuing its positive momentum from the previous trading session, a risk of caution though as oil inventories remain in the US. Refinery runs have started to increase as the summer driving season approaches. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.4 percent at $52.40 per barrel.

Leave a Reply

Your email address will not be published. Required fields are marked *