Crude Oil Prices trading higher - ICICI Bank : Treasury Research

Crude oil prices are trading higher as the American Petroleum Institute yesterday reported that crude inventories fell 9 mn barrels last week. Markets await the US Energy Department data due later in the day for further cues. Meanwhile, Brent prices breached 108 levels yesterday amidst continued geopolitical tensions in the Middle east. The front-month WTI future is currently trading at USD 104.40/bbl compared to prior close of USD 103.33/bbl while Brent is trading at USD 107.80/bbl, flat compared to previous close after rising above the 108 mark this morning. Technically, Brent is expected to trade ranged between USD 107.25 -108.25/bbl.

Source : Equity Bulls

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