Expect Crude Oil prices to trade lower: Angel Commodities


Angel Commodities’ report on Crude Oil

WTI oil prices declined by around 0.8 percent last  week  while MCX oil prices rose marginally by 0.2 percent in the same time frame. Risk of renewed U.S. sanctions on Iran, plunging Venezuelan output, and robust global demand shook off the effects of a strong dollar on oil prices.

Outlook

We expect oil prices to trade lower today as US rig count surged to three year high last week. However, concerns that the Trump might decide to restore sanctions on Iran on May 12 will limit sharp downside.

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