EPIC RESEARCH MCX Crudeoil UPDATE OF 16 January 2019

Posted by Commodity Updates by Epic Research on 11:20:00 with No comments

Crudeoil trading range for the day is 3565-3775.

Crude oil gained amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand.

United Arab Emirates Energy Minister Suhail al-Mazrouei said he expects an average oil price of $70 a barrel in 2019 on the back of an agreement to cut output.

The Middle East-dominated producer club of the OPEC and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.

In the United States, the amount of rigs looking for new oil production has dropped from a 2018-peak of 888 to a still high number of 873 in early 2019.

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