According to Angel Commodities, on Monday, WTI Crude rose by 2.1 percent to close at $64.4 per barrel. Global supply tightness coupled with better than expected Economic data from China pushed the prices higher.
Angel Commodities' report on Crude Oil
On Monday, WTI Crude rose by 2.1 percent to close at $64.4 per barrel. Global supply tightness coupled with better than expected Economic data from China pushed the prices higher. However, concerns over global economic slowdown limit the uptrend in prices. Oil prices rallied after US planned to impose more sanctions on Iran amid disruption at Venezuelan and production cuts led by OPEC and its allies. OPEC and a few non-affiliated members have decided to continue to pump out 1.2 million barrels per day (bpd) of Oil in 2019.
Outlook
Productions cuts lead by OPEC and its allies and US sanctions on OPEC members continue support the prices but worries over economic slowdown might weigh on the prices. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.20 percent at $64.54 per barrel.
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