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Tuesday, 30 August 2016

Free Energy Tips, Crude Oil News


Crude Oil

WTI oil prices declined by 1.4 percent on Monday to close at $47 per barrel snapping two consecutive days of gains, on renewed concerns about an oil glut, a stronger dollar and expectations that Nigerian rebels will stop hampering that country's crude output.

Free Energy Tips U.S. crude stockpiles likely rose for a second straight week last week, building by 1.3 million barrels, a Reuters poll showed. That came on top of Iraq's pledge at the weekend to ship more crude after a ramp up of exports from its southern ports in August. Nigerian rebels pledged to end hostilities against the industry in Africa's No. 1 producer, which they repeatedly attacked earlier this year by blowing up pipelines.
Oil rallied from early August until the middle of last week after hints by Saudi Arabia and fellow members of the Organization of the Petroleum Exporting Countries that they might agree to an output freeze with non-OPEC oil producers at a meeting in Algeria on Sept. 26-28.


On an intraday basis, we expect oil prices to trade lower as global oil markets remain well supplied from the OPEC as well as Non-OPEC nations. Although, the meeting of the oil producers next month will be a close watch, oil inventories globally remain very high in the OECD nations as well as in the US.

On the MCX, oil prices are expected to trade lower today.

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