Today Energy Report : 20.11.2019
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Crude oil may trade with sideways to negative path amid doubts about US China trade deal and increasing stockpiles. Oil prices were steady on Wednesday, after falling the past two days, as a surge in U.S. stockpiles reinforced concerns about lackluster global economic growth amid the trade war between the United States and China, the world’s two biggest oil consumers.
U.S. crude inventories rose 6 million barrels in the week to Nov. 15 to 445.9 million, compared with analysts’ expectations for a increase of 1.5 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.
Crude oil can move towards 3950 while taking resistance near 4060. The increase in inventories in the United States, the world’s biggest oil user, added to concerns about a crude oversupply raised after Reuters reported that Russia, the world’s second-biggest producer, was unlikely to back deepening output cuts when the Organization of the Petroleum Exporting Countries (OPEC) meet on Dec. 5-6 in Vienna.
Natural gas can open on negative note as it can test 178 while taking resistance near 185.