Expect Crude Oil to trade Sideways: Sushil Finance

Sushil Finance's commodity report on Crude Oil

Oil prices settled nearly flat on Thursday, the eve of a meeting of major oil-producing countries in Vienna to discuss whether they will extend production limits that have helped reduce the global crude glut.Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meet on Friday. They will discuss a possible extension of 1.8 million barrels per day (bpd) of supply cuts to support prices and will consider monitoring exports to assess compliance.

Outlook

We expect crude oil prices to trade sideways on the back of profit booking after sharp up-move.

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