On Monday, WTI Crude declined by 0.4 percent to close at 58.8 per barrel. Oil prices declined after worries over slowdown in the global economic growth over powered the supply cuts by OPEC and its allies. Chances of recession in the U.S. rose last week after dovish statements by the US Federal Reserve pushed the 10-year treasury yield fall below its 15 month low in turn denting the demand prospects for Crude. Moreover, trade tension between US and China escalated after US commerce department found that China has been exporting steel wheels to United States below its fair value to hamper the local producers. this might risk the chances of a possible trade deal between US and China and raise demand concerns for Crude.
Outlook
Supply cuts by OPEC and its allies might continue to support crude but fresh concerns over US-China trade relations amid gobal economic slowdown might weigh on the prices. On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.63 percent at $59.19 per barrel.
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