EPIC RESEARCH MCX Crudeoil UPDATE OF 2 January 2019

Crudeoil trading range for the day is 3120-3240.

Crudeoil recovered on short covering after prices dropped amid surplus production, and slowing economic growth undermine OPEC-led efforts to shore up the market.

OPEC and its allies including Russia, agreed to curb output by 1.2 million barrels per day starting in January to clear a supply overhang and prop up prices.

The group of producers "may hold out on supplies longer than reasonable in order to see if they can effect a rally similar to September-October this year."

Energy companies in the United States added two oil drilling rigs in the week to Dec. 28, bringing the total count to 885.

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