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Crude Oil prices are expected to trade lower today: Angel Commodities

Angel Commodities’ report on Crude Oil

On Tuesday, WTI Crude prices declined by 0.1 percent to close at $56.6 per barrel over demand concerns as China trims down its growth targets for 2019 coupled with appreciating Dollar. China is one of the biggest consumer of Crude, lower demand from China weighed on the Crude prices. Supply cuts by OPEC continue to support the crude. OPEC and its allies meet next in Vienna on April 17- 18, 2019. Crude was further supported as US-China trade tension has eased off which had hampered the global growth prospects.

Outlook

Excess of supply by U.S. might over power the Supply cuts by OPEC and its allies and weigh on Crude prices. On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.8 percent at $56.11 per barrel.

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