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Crude Oil prices are expected to trade higher today: 29-Nov-19

Crude Oil prices are expected to trade higher today: 29-Nov-19

According to Angel Broking, On Thursday, the U.S. markets were closed on account of Thanks giving holiday which led to a muted trading session.

MCX Crudeoil Image

On Thursday, the U.S. markets were closed on account of Thanks giving holiday which led to a muted trading session. Markets will have a keen watch on the upcoming OPEC+ meeting for cues on their approach in the coming months. WTI trade volumes lower ahead of the US Thanksgiving holiday, while U.S. crude stocks swelled by 1.6 million barrels last week as production hit a record high at 12.9 million barrels per day and refinery runs slowed. Tensions rising between U.S. & China further dampen the demand prospects for Crude and pushed the prices lower.

Outlook

We expect oil prices to trade lower today amidst lower volumes on account of Thanks giving holiday in the US. Continuous build-up of inventory in the US is a worrisome sign for oil prices in the coming trading sessions. On the MCX, oil prices are expected to trade higher today; international markets are trading lower by 0.41 percent to trade at $57.90 per barrel.

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