Crude Oil prices trading lower - ICICI Bank : Treasury Research

Crude oil prices are trading lower today on the back of a stronger Dollar. Meanwhile, profit booking due to gains yesterday also weighed on the prices. However, a decline in US crude stockpiles by 1.44 mn tonnes last week as reported by the American Petroleum Institute gave some support to the prices. The front-month WTI future is currently trading at USD 106.96/bbl compared to prior close of USD 107.23/bbl while Brent is trading at USD 108.20/bbl, compared to prior close of USD 108.42/bbl. Technically Brent is expected to trade in the range of 107.75-108.75/bbl.

Source : Equity Bulls

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