EPIC RESEARCH MCX Crudeoil UPDATE OF 9 January 2019

Posted by Commodity Updates by Epic Research on 11:21:00 with No comments

Crudeoil trading range for the day is 3351-3575.

Crude oil prices were supported by a report that Saudi Arabia is planning to cut crude exports to around 7.1 million barrels per day (bpd) by the end of January.

However, concerns of a worldwide economic slowdown were cited as a headwind for oil prices as investors fear it would dent fuel consumption.

Looming over the OPEC-led cuts, however, is a surge in U.S. oil supply, driven by a steep rise in onshore shale oil drilling and production.

As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd.

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