MTECHTIPS;- Crude oil to trade positive

MTECHTIPS;- Crude oil to trade positive

MTECHTIPS-Oil prices edged higher on Wednesday, as surging U.S. fuel demand and strong refinery runs offset data from the Energy Department that showed crude inventories did not fall as much as expected last week. Crude inventories in the United States fell by 1.5 million barrels in the week to July 28, the Energy Information Administration said, about half the decline analysts had expected. Oil prices fell sharply on Tuesday, and have come under pressure in recent sessions on news top oil producing countries may be boosting output.We expect crude oil prices to trade positive on the back of U.S. sanctions against Venezuela’s oil sector.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s