EPIC RESEARCH MCX Crudeoil UPDATE OF 29 January 2019

Crudeoil trading range for the day is 3573-3861

Crude oil dropped after U.S. energy firms added rigs for the first time this year in a sign that crude production there may rise further.

Tuesday, January 29, 2019 High U.S. crude oil production, which rose to a record 11.9 million barrels per day (bpd) late last year, has been weighing on oil markets.

U.S. energy firms last week raised the number of rigs looking for new oil for the first time in 2019 to 862.

Oil consumption has been increasing steadily, likely averaging above 100 million bpd for the first time ever in 2019, driven largely by a boom in China.


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