EPIC RESEARCH MCX Crudeoil UPDATE OF 18 January 2019

Posted by Commodity Updates by Epic Research on 10:56:00 with No comments

Crudeoil trading range for the day is 3592-3766.

* Crude oil dropped as news of U.S. crude production rising to an all-time high added to worries of a new glut forming.

* OPEC leaves 2019 global oil demand growth forecast unchanged at 1.29mbpd and trims 2019 non-OPEC oil supply growth forecast by 60bpd to 2.1mbpd

* OPEC says Decembers oil output fell by 751k bpd to 31.58mbpd, led by cuts in Saudi Arabia, Libya and Iran

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