MTECHTIPS;-Crude Oil prices to trade lower today

MTECHTIPS- Crude Oil Brent and WTI oil prices declined by 2.2 and 1.6 percent respectively on Tuesday as API data releases showed U.S. crude oil stocks jumped to 14.2 million barrels last week, more than five times analysts’ forecasts for a 2.5-million barrel increase. Outlook We expect oil prices to trade lower today as EIA US oil stocks are likely to have climbed last week. Also, overall global uncertainty will exert pressure. On the MCX, oil prices are expected to trade lower today as NYMEX crude prices are down by 1.2 percent at $51.6/bbl

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