Crude Oil Commodity Trading tips market prices as expected encountered massive fall seeing rising supply globally along with slump in products side demand.
On weekly basis, October contract WTI International and November contract Brent crude oil suffered losses close to 6.50% each.
September contract MCX crude oil went down by 7% on weekly basis.
If we speak of Friday’s closing, upside moves were witnessed after the comments from Russian President over the Algerian meet which would be discussed later in this file.
As per Friday’s closing, WTI International posted gains more than 1.50%, ending the week’s trade at $44.20/bbl.
Gains in Brent crude oil were close to 2% on Friday, ending the week’s trade at $46.68/bbl.
MCX crude oil posted gains more than 2% due to the rupee effect and ended the week’s trade at Rs.2975/bbl. Read More → “Crude Oil Outlook for the Week (September 05, 2016 – September 09, 2016)”