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Crude Oil prices to trade higher: Angel Commodities

January 04
14:06 2018

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.

Outlook

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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