EPIC RESEARCH MCX Crudeoil UPDATE OF 15 November 2018

Posted by Commodity Updates by Epic Research on 12:09:00 with No comments

Crudeoil trading range for the day is 3890-4244.

* Crudeoil prices recovered from lows on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.

* OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously.

* OPEC warned that an oil supply glut could emerge in 2019 as the world economy slows and supply from rival producers rises more quickly than expected.

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