EPIC RESEARCH MCX Crudeoil UPDATE OF 15 January 2019

Posted by Commodity Updates by Epic Research on 11:16:00 with No comments

Crudeoil trading range for the day is 3531-3719.

Crude oil dropped after Chinese data showed weakening imports and exports in the world’s biggest trading nation and second-largest crude oil consumer.

Tuesday, January 15, 2019 Despite the weak Chinese trade data, the country’s oil imports remained sky-high in December at 10.31 million barrels per day (bpd).

The OPEC and some non-OPEC allies, including Russia, have been cutting supply since late 2018, providing crude prices with some support.

In the United States, drillers cut four oil rigs in the week to Jan. 11, bringing the total count down to 873, energy services firm Baker Hughes said.

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