Crude Oil prices to trade higher:
WTI oil prices rose 1.3 percent on Tuesday to close at $56.8 per barrel after a reported fall in U.S. crude inventories and on expectations that an OPEC – led production cut aimed at tightening the market will be extended beyond March 2018. Markets were generally well supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non – OPEC producers led by Russia to restrain output in a bid to end a global supply overhang. On the MCX, oil prices rose marginally by 0.4 percent to close at Rs.3678 per barrel.
Expectations that oil output will be capped and extended by the OPEC in the meeting on November 30th is something that oil markets will cheer which is creating positive momentum in the oil counter. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 1.5 percent at $57.76 per barrel.