The price of crude oil declined slightly after the latest OPEC+ meeting. The leaders met during the weekend and agreed to gradually ease some of its production cuts between May and July.
Crude Oil prices rose more than 1% on Wednesday to their highest in nearly a month as industry data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential US-Iran conflict.
These data pointers pulled the WTI Crude under $56 per barrel and the counter currently trades at $55.92 per barrel, down more than 1% on the day. Markets also preferred to book profits ahead of the US EIA weekly inventories data.
MCX Crude Trading Tips – Above 4001 Target 4220—4410, Buy on Dips – Neal Bhai
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.
Gold Silver Reports (GSR) – We expect oil prices to trade higher today as the OPEC supply cut and cut in Venezuela exports on account of sanctions coupled with progress in the US-China trade relation.