WTI oil prices declined by 1 percent on Monday to close at $48.8 per barrel as rising crude output on Libya and the United States countered OPEC-led production cuts aimed at clearing a supply glut. Signs of slower-than-expected growth in manufacturing in China and a weaker figure for U.S. manufacturing sentiment also weighed on expectations for oil demand and the market. On the MCX, oil prices declined by 1 percent to close at Rs.3142 per barrel.

Outlook

We expect oil prices to trade lower as resumption of Libyan exports and high oil inventories in the US remains a cause of concern. On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.2 percent at $48.75 per barrel.

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