Description:
From the intra-day perspective, we expect crude oil prices to trade on a negative note on the back of rise in API crude inventories in yesterday’s trade coupled with expectations of rise in US crude oil inventories today. Further, weak market sentiments, strength in the DX along with ease of sanctions on Iran will exert downside pressure on prices. However, expectations of favorable economic data from the US in evening session will cushion sharp fall in prices. In the Indian markets, Rupee depreciation will restrict downside movement in prices.
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