According to Angel Commodities, Crude oil prices are expected to trade lower in tandem with trend in international markets.
Energy
Crude Oil
WTI oil prices jumped by 2 percent while Nymex declined marginally as prices drew support from Federal Reserve Chair Janet Yellen's suggestion that the U.S. central bank was preparing to consider raising interest rates "on a meeting-by-meeting basis". Further, Greece's fourmonth extension of its financial rescue on Tuesday also helped lift prices, as euro zone partners approved its reform plan, easing worries the country might leave the euro zone.
However, expectations that this week's reports will show U.S. crude inventories rose again countered supportive news of Libyan oilfields being shut. The Sarir and the nearby Messla oilfields in Libya were shut because of a power cut, dealing another blow to exports from the embattled OPEC member nation.
Further, a report in the Financial Times on Monday quoted Nigeria's oil minister as saying the country would call an OPEC extraordinary meeting if prices dropped further, offering some support to oil prices. But a delegate to the Organization of the Petroleum Exporting Countries told Reuters on Tuesday that the producer group had no plans to meet before June.
Globally, crude supplies are also being boosted after oil fields in eastern Libya resumed pumping to the Hariga port after a pipeline was repaired, and oil producer Oman plans to ramp up output to 980,000 barrels a day this year. WTI oil prices in the international markets declined by 1.8 percent and closed at $49.5/bbl on Monday.
On the MCX, crude prices jumped by 0.9 percent and closed at Rs.3237/bbl.
Outlook
On an intraday basis, we expect oil prices to trade lower owing to expectations that the Crude stockpiles probably increased by 4 million barrels last week after supplies increased in the past six weeks to 425.6 million, the highest in weekly records dating back to August 1982.
On the MCX, oil prices are expected to trade lower in tandem with trend in international markets.
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