According to Angel Broking, On Tuesday, WTI oil prices declined by 1.01 percent to close at $61.1 per barrel.
Angel Broking’s report on Crude Oil
On Tuesday, WTI oil prices declined by 1.01 percent to close at $61.1 per barrel. Prices hovered around three-month highs in the earlier trading session following a higher-than-expected crude inventory drawdown and optimism over an expected U.S-China trade deal, while traders kept a close eye on Middle East unrest. China’s Purchasing Managers’ Index (PMI) was unchanged at 50.2 in December’19 from November’19 which was still above the nuetral level which further infused optimism in the markets. Markets showed little immediate reaction to news of U.S. air strikes in Iraq and Syria against an Iran-backed militia group, even as U.S. officials warned “additional actions” may be taken. On the MCX, oil prices declined by 0.93 percent to close at Rs.4360 per barrel.
Outlook
The Middle East tensions might roil the oil markets and raise the risk premium while rise in crude inventories in the US is a worrisome sign. On the MCX, oil prices are expected to trade sideways today; International markets are trading lower by 0.78 percent at $61.20 per barrel.
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First Published on Jan 1, 2020 10:05 am
Source: Money Control
