Crude Oil prices to trade higher: Angel Commodities
Angel Commodities’ report on Crude Oil
WTI oil prices rose 2.1 percent on Wednesday to close at D61.6 per barrel with buying spurred by a sixth day of unrest in OPEC member Iran and strong economic data from the United States and Germany. Germany’s unemployment rate hit a record low in December, underpinning a broad – based economic upswing. U.S. factory activity increased more than expected in December, a further sign of strong economic momentum. Manufacturing and construction reports also fuelled expectations for a robust U.S. economy in 2018.
We expect oil prices to trade higher today as unrest in Iran, consecutive inventory withdrawals in the US and good economic data sets from the US and Germany are factors supportive for oil.
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