EPIC RESEARCH MCX Crudeoil UPDATE OF 16 November 2018

Posted by Commodity Updates by Epic Research on 11:53:00 with No comments

Crudeoil trading range for the day is 3959-4175.

* Crude oil dropped as concern over the prospect of an oversupplied market next year continued to weigh on prices.

* OPEC led by Saudi Arabia, is considering a cut of up to 1.4 mbpd next year to avoid the kind of build in global inventories that prompted the oil price to crash.

* The EIA data showed that crude oil inventories increased by 10.27 million barrels in the week to November 9.

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