EPIC RESEARCH MCX Crudeoil UPDATE OF 10 December 2018

Crudeoil trading range for the day is 3488-4044.

Crude oil gained as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.

Iran appeared to be the main obstacle for an OPEC deal to cut oil production, as the group's leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran.

Iran gave OPEC the green light on Friday to cut oil output by around 0.8 million barrels per day from 2019.

Russian energy minister Alexander Novak returned to Vienna on Friday after discussing OPEC with Russian President Vladimir Putin in Moscow.

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