According to Angel Broking, On Monday, WTI Crude prices ended higher by 1.23 percent to close at $52.1 per barrel after OPEC+ stated that they would further trim their output to counter the slumping demand due to the coronavirus outbreak in the major Crude consumer, China
Angel Broking's report on Crude Oil
On Monday, WTI Crude prices ended higher by 1.23 percent to close at $52.1 per barrel after OPEC+ stated that they would further trim their output to counter the slumping demand due to the coronavirus outbreak in the major Crude consumer, China Moreover, the selling pressure on Crude slowed down after witnessing a panic over the epidemic earlier in the month. However, the impact of the virus outbreak continued to spread as the death toll in China crossed 1860 with over 71000 people infected.
Outlook
Worries over the Coronavirus impact might dent the demand prospects for fuel and weigh on the prices. On the MCX, oil prices are expected to trade lower today.
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Read MoreFirst Published on Feb 18, 2020 11:01 am
