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According to Angel Commodities, WTI oil prices declined 0.5 percent on Thursday to close at $52.1 per ounce as US crude output surged to about 12 million barrels per day (bpd) amid weaker demand.
Angel Commodities’ report on Crude Oil
WTI oil prices declined 0.5 percent on Thursday to close at $52.1 per ounce as US crude output surged to about 12 million barrels per day (bpd) amid weaker demand. US Crude Inventories declined marginally whereas a large build up was seen in the gasoline inventories which pointed towards weak demand for oil from the US. On the MCX, oil prices rose marginally by 0.1 percent to close at Rs.3688 per barrel.
Outlook
Sharp decline in production by OPEC in December 2018 which might ease fears of supply glut. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 1.08 percent at $52.63 per barrel.
