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MTECHTIPS;- Crude oil prices expected to trade lower today

Thursday, October 17, 2019 6:03

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MTECHTIPS;- Crude oil prices expected to trade lower today

MTECHTIPS-Crude prices ended higher by 1.04 percent to close at $53.4 per barrel. Prices were supported over expectations that OPEC and its allies might further deepen their production cuts in December 2019. However, weaker demand prospects continue to limit the gains for oil prices. Prices couldn’t find any support even after U.S. & China agreed to the phase 1 to end the trade war as no clear details of the agreement faded the optimism of a possible deal. The market sentiments were further pressurized after China’s factory activities dipped at the fastest pace in over than three years last month signalling towards a persistent weakness in their economy. Slowdown in the biggest Oil consumer’s economy might continue to weigh on the demand prospects

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