EPIC RESEARCH MCX Crudeoil UPDATE OF 12 February 2019

Crudeoil trading range for the day is 3605-3811.

Crude oil dropped as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.

In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks.

Companies added seven oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production.

Preventing crude prices from falling further have been U.S. sanctions on Venezuela, targeting its state-owned oil firm Petroleos de Venezeula SA (PDVSA).


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