Oil prices plunged down amid demand concern raised due to ongoing Sino – US trade war. Though prices get some support from expected production cut by OPEC. As, Saudi Arabia approached other producers to discuss the recent slide in crude prices as per source. Saudi Arabia which gas already started pumping less oil than decided quota by OPEC+, is also planning to reduce export by 700,00 barrels per day to 7mb per day due in bid to make a market stable. Such things can normally can support prices for short- term only.
Crude oil prices are poised for further correction. WTI if slips below $50 can fall till 45/42, which seems most likely case for now. In India, prices will remain weak as long as trading below Rs 3850, downside 3550 can be seen.
Story by Shelly Airan at www.tarunsatsangi.com