According to Angel Commodities, On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.3 percent at $67.9 per barrel.
Angel Commodities' report on Crude Oil
WTI oil prices declined by around 0.8 percent last week while MCX oil prices rose marginally by 0.2 percent in the same time frame. Risk of renewed U.S. sanctions on Iran, plunging Venezuelan output, and robust global demand shook off the effects of a strong dollar on oil prices.
Outlook
We expect oil prices to trade lower today as US rig count surged to three year high last week. However, concerns that the Trump might decide to restore sanctions on Iran on May 12 will limit sharp downside.
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