Angel Commodities’ report on Crude Oil
On Tuesday, WTI Crude prices declined by 0.1 percent to close at $59.0 per barrel. Oil prices declined over fresh demand concerns for energy with the ongoing trade tension between US and China. As per US officials, China seemed to be reluctant towards the U.S. demands during trade talks, risking the chances of an actually trade deal between the super power nations. The trade tension between US and China raised demand concerns for Crude as China is the biggest crude consumer. However, production cuts by OPEC and its allies continued to support the prices.
Supply cuts by OPEC and its allies might continue to support crude but fresh concerns over US-China trade relations might weigh on Crude. On the MCX, oil prices are expected to trade lower today, international markets are trading marginally higher by 0.25 percent at $59.14 per barrel.
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