According to Angel Commodities, on the MCX, On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.61 percent at $56.41 per barrel.
Angel Commodities' report on Crude oil
Last week, WTI crude was down by 0.1 percent whereas Crude on the MCX was down by 0.55 percent. Supply cuts by OPEC and U.S. sanctions on OPEC members Venezuela and Iran continue to support the crude. OPEC and its allies stated that the production cuts were imposed to avoid the supply glut that could soften prices. OPEC further added that they might continue with the supply cuts for six months. OPEC and its allies meet next in Vienna on April 17-18, 2019. However, China trimmed down there growth targets for 2019 which raised fresh demand concerns for Crude. China is one of the biggest consumer of Crude, lower demand from China weighed on the Crude prices. Last week, U.S. Crude inventories rose by 7.1 million barrels to 452.93 million barrels. U.S. crude oil production continues to be at a record high of 12.1 million barrels per day (bpd), which is 2 million bpd higher since early 2018 which further pressurized the prices.
Outlook
Prices might trade higher after Saudi oil minister Khalid al-Falih stated that an end to OPEC-led supply cuts was unlikely before June 2019. On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.61 percent at $56.41 per barrel.
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