According to Angel Commodities, expect oil prices to trade lower today on profit booking at higher levels today while OPEC extends its cap in oil cut by further nine months.
Angel Commodities' report on Crude Oil
WTI and MCX oil prices traded lower last week by 2.27 and 1.5 percent while MCX oil prices declined 2.3 percent in the same time frame. Prices extended losses after data from industry group the American Petroleum Institute showed crude inventories rose by 1.8 million barrels in the week to Nov. 24 to 457.3 million, compared with market expectations for a decrease of 2.3 million barrels. OPEC and non - OPEC producers led by Russia agreed to extend output cuts until the end of 2018, while also signaling a possible early exit from the deal if the market overheats.
Outlook
We expect oil prices to trade lower today on profit booking at higher levels today while OPEC extends its cap in oil cut by further nine months.
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