EPIC RESEARCH MCX Crudeoil UPDATE OF 19 November 2018

Posted by Commodity Updates by Epic Research on 12:17:00 with No comments

Crudeoil trading range for the day is 3969-4275.

* Crude oil prices remained supported by expected supply cuts from OPEC but held back by record U.S. production.

* Prices were mainly supported by expectations the OPEC would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed.

* U.S. crude oil production has hit a fresh record of 11.7 million barrels per day, that's resulted in swelling commercial crude inventories.

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