Expect Crude Oil prices to trade lower today

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Expect Crude Oil prices to trade lower today

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WTI oil costs declined by one p.c on Tues to shut at $49.7 per barrel on signs of resurgent crude output in Libya and issues that extended production cuts by leading mercantilism countries might not be enough to empty a world glut that has depressed costs for pretty much 3 years. On the MCX, gold costs declined by one.7 p.c to shut at Rs.3203 per barrel.
Outlook
We expect oil costs to trade lower nowadays on profit booking at higher levels and high international inventories whereas increasing production in Libya and issues over extended production cuts by the OPEC can exert draw back pressure. On the MCX, oil costs area unit expected to trade lower nowadays, international markets area unit commerce lower by zero.6 p.c at $49.35 per barrel.

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