WTI oil prices declined marginally by 0.3 percent to close at $50.3 per barrel after a seesaw trading session, 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 flat at $50.73 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 sideways today.
Credit By: Moneycontrol
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