Crude oil prices to trade sideways today: Angel Commodities
Angel Commodities’ report on Crude oil
WTI oil prices rose 0.3 percent on Thursday to close at $ 71.4 per barrel as investors weighed the potential disruption to oil flows from major exporter Iran in the face of U.S. sanctions. The market also contended with concerns about Venezuela’s crude production slipping further and with bullish drawdowns in U.S. crude inventories.
The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran’s nuclear activities in exchange for removal of U.S. and European sanctions. On the MCX, oil prices declined 1 percent to close at Rs.4757 per barrel.
We expect oil prices to trade sideways today while oil market supplies remain tight as Venezuela’s oil production slipping and falling US oil inventories. On the MCX, oil prices are expected to trade sideways today; international markets are trading flat at $ 71.29 per barrel.
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