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Crude Oil prices to trade positive: Angel Commodities

November 24
12:05 2017

Angel Commodities’ report on Crude Oil

WTI oil prices traded flat on Thursday to close at $ 58 per barrel as the shutdown of a major crude pipeline from Canada and a draw on fuel inventories pointed to a tightening market, despite rising output from U.S. producers. Trading volumes were thin because of the Thanksgiving holiday in the United States. The shutdown on TransCanada Corp’s 590,000 – barrel – per – day  Keystone pipeline following a spill last week has helped drive oil prices  higher because of expectations it will r educe crude stocks in the U.S. storage hub of Cushing, Oklahoma. On the MCX, oil prices rose 1.4 percent to close at Rs.3798 per barrel.

Outlook
We expect oil prices to trade higher today continuing its positive momentum from the previous trading session while the disruption in Canada’s keystone pipeline is lifting momentum in oil prices. On the MCX, oil prices are expected to trade positive today, international markets are trading higher by 0.74 percent at $ 58.45 per barrel.

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