According to Angel Commodities, last week, WTI Crude declined significantly by 2.2 percent. The long rally in Crude prices came as a continuous inventory build-up by U.S. over shadowed the supply crunch.
Crude Oil
Last week, WTI Crude declined significantly by 2.2 percent. The long rally in Crude prices came as a continuous inventory build-up by U.S. over shadowed the supply crunch. Us Crude stockpiles increased by 9.9 million barrels last week, way above the market expectation of an increase of 1.5 million barrels. Rising US Crude imports amid increasing production continues to weigh on Crude prices. U.S. Crude output has reached record high levels of 12.3 million barrels per day offsetting the supply crunch. Rising US Crude imports amid increasing production continues to weigh on Crude prices.
Outlook
We expect oil prices to trade lower as Trump threatened to hike the tariff rates from 10 percent to 25 percent on Chinese goods which might raise demand concerns for Crude. On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 2.37percent at $60.49 per barrel.
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