MTECHTIPS:- Crude Oil prices to trade higher today

MTECHTIPS:- Crude Oil prices to trade higher today

MTECHTIPS- Crude Oil WTI oil prices declined by 6.7 percent to close at $49.6 per barrel , as investors weighed rising U.S. production against geopolitical uncertainties and comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely. We expect oil prices to trade sideways today as international markets are trading higher by 0.65 percent at $49.89 per barrel as OPEC nations signal the output cut extensions beyond June. Oil inventories in the US however remain a cause of concern which can disturb investor’s sentiments. On the MCX, oil prices are expected to trade higher today.

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