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
Latest posts by Moneycontrol.com (see all)
- Cabinet To Vet Rs 48,000 Cr KUSUM Scheme For Solar Power By March - February 20, 2018
- Cargo Traffic At 12 Major Ports Up 4.58% At 561 MT In Apr-Jan - February 19, 2018
- Essar Sells CBM Gas To GAIL Using Reliance Formula - February 15, 2018