Oil dips as markets remain cautious on trade concerns ( MCX HNI CALLS) WWW.TRADEMAXINDIA.COM CALL@ (8218997961/8218995526)

MORNING LIVE CRUDE UPDATE ::

 

Oil prices dipped on Monday as sentiment remained cautious after a plunge in financial markets last week triggered worries that global growth may be slowing.

Front-month Brent crude oil futures LCOc1 were at $77.56 a barrel at 0430 GMT, 6 cents below their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.59 a barrel, flat from their last settlement.

Sentiment among investors remained cautious after hefty losses last week. economic conditions and symptoms of softer international trade have exacerbated bearish conditions as (the) growth outlook dims,” said Benjamin Lu of brokerage Phillip Futures in Singapore.

Singapore-based ship tanker brokerage Eastport said stock prices were falling amid policy uncertainty, rising interest rates and disappointing earnings from some companies.

Financial market turmoil may “weigh on investment and consumer spending, reducing trade flows and ultimately hitting demand,” it said.

Hedge funds slashed their bullish wagers on U.S. crude in the latest week to the lowest level in more than a year, the U.S. Commodity Futures Trading Commission said on Friday.

REGARDS,

TECHNICAL DEPARTMENT

TRADE MAX INDIA

TRADEMAXINDIA.COM

CALL@ (8218997961/8218995526)

 

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