Weak trade data from China had pressurized crude prices. However, Prices were supported by China’s plans to boost their economy which has stalled in the past couple of months.
US crude output surged to about 12 million barrels per day (bpd) amid weaker demand which restricted the gains. US Crude Inventories declined marginally whereas a large build up was seen in the gasoline inventories which pointed towards weak demand for oil from the US.
Supply cuts by OPEC and other major producers reduced concerns about excess output. OPEC had decided to reduce output from January 2019 as per its statement in late 2018.
Outlook
Markets expect FED to pause its rate hike cycle which might support Gold prices. On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $1281.15 per ounce.
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