MTECHTIPS:-Expect Crude Oil prices to trade higher today: Angel
MTECHTIPS:-Expect Crude Oil prices to trade higher today: Angel Commodities
MTECHTIPS- WTI oil prices rose by 0.6 percent on Monday to close at $52.8 per barrel s signs of a strong recovery in U.S. drilling largely overshadowed news that OPEC and non-OPEC producers were on track to meet output reduction goals. Ministers representing members of the Organization of the Petroleum Exporting Countries and non-OPEC producers said at a meeting in Vienna on Sunday that of the almost 1.8 million barrels per day (bpd) they had agreed to remove from the market starting on Jan. 1, 1.5 million bpd had already been cut. Outlook We expect oil prices to trade positive today as the deal with regards to cut in oil output is formally adhered by the OPEC nations, while the inventory data due from the US will be a close watch for further trajectory of oil. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.5 percent at $53 per barrel.