On Monday, WTI crude prices declined 3.2 percent to close at $52.0 per barrel. Weak industrial data from US AND China, the biggest economies in the world raised fresh demand concerns for fuel which pushed the prices lower. Despite of the rising trade tension between US-China and concerns over global economic slowdown crude prices have traded higher in this month as supply cuts by OPEC and its allies supported the prices.
Outlook
Crude prices are expected to trade higher as US slapped sanction on the OPEC member, Venezuela. On the MCX, oil prices are expected to trade lower today; international markets are trading higher by 0.37 percent at $52.18 per barrel.
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