EPIC RESEARCH MCX Crudeoil UPDATE OF 17 January 2019

Posted by Commodity Updates by Epic Research on 11:15:00 with No comments

Crudeoil trading range for the day is 3592-3792.

* Crude oil dropped as U.S. crude production quickly approached an unprecedented 12 bpd just as worries about weakening demand emerge.

* U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecasts, the Energy Information Administration said.

* Crude oil output from the United States is expected to rise to more than 12 million barrels per day (bpd) this year and to climb to nearly 13 million bpd next year.

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