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MTECHTIPS:-Crude Oil prices to trade lower today: Angel Commodities
Crude Oil WTI oil prices rose by 2.7 percent on Thursday to close at $41.9 per barrel with U.S. crude advancing firmly above the $40 - per - barrel mark on short - covering and after a modest stockpile drop at the delivery hub for U.S. crude futures. It was a second straight day of gains for crude futures from April lows below $40, after Wednesday's 3 percent run - up powered by data showing a hefty U.S. gasoline inventory drawdown. Market intelligence firm Gens cape reported that stockpiles at the Cushing, Oklahoma delivery hub for U.S. crude futures fell 89,071 ba rrels during the week to Aug. 2. The Gens cape report came after U.S. government data on Wednesday showed a 1.1 million - barrel decline at Cushing in the week to July 29. Data from Iraq's state oil marketer showed the OPEC member's July crude production at its highest since January at 4.6 million barr els per day. On the MCX, oil prices rose by 2.6 percent to close at Rs.2810 per barrel. Outlook On an intraday basis, we expect oil prices to trade lower as international markets are trading down by around 0.8 percent., Global supply glut continues to b other market sentiments in oil markets. The absolute crude inventories in the US stands at around 519 million barrels which is at its highest point at this time of the year further exerting downside pressure on oil prices. On the MCX, oil prices are expec ted to trade lower today.
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