CRUDE OIL UPWARD TREND CONTINUES

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The WTI Crude May month contract will expire today and it is expected that, though the expiry  would not be affecting much, the correction could be around 0.50% - 1%, since the crude oil inventories are reduced by cutting oil production upto 10% as agreed upon by OPEC member countries including Russia.  The worldwide consumption has also started though the storage capacity is fully utilized and subsequently demand is also increasing slowly due to relaxation in lockdown by few oil importing countries.   

On Friday last week crude oil went up to around 30 dollar mark and continued the upwarad trend on Monday and went upto 33 dollars.  But it is expected that oil prices may come down to around 30 dollars due to profit booking but if demand continues the correction will not sustain for much time and the prices will persist on higher side

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