According to Sushil Finance, crude oil prices are expected likely to trade on negative note on the back of increasing supply and decreasing demand is likely to keep crude oil prices under pressure.
Crude Oil
Oil dived 4 percent to new five-year lows on Monday, as Wall Street expectations of a deeper price slump next year and a Kuwaiti prediction for $65 crude set off one of the biggest declines this year.
The chief executive of Kuwait's national oil company said oil prices were likely to remain around $65 a barrel for the next six to seven months, the latest indication that Gulf producers are content to ride out the rout.
The pessimistic outlook deepened the decline in a market that many traders see as a one-way bet for the time being.
Top exporter Saudi Arabia has resisted calls from poorer members to curb output and shore up prices that have slumped more than 40 percent since June.
It is unclear how soon the price slump will slow the U.S. shale boom. The number of onshore rigs drilling for crude oil remains relatively high, and new U.S. projections released on Monday show production from the big three U.S. shale plays should carry on growing at over 100,000 barrels per day into January.
Outlook
We expect crude oil prices likely to trade on negative note on the back of increasing supply and decreasing demand is likely to keep crude oil prices under pressure.
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