EPIC RESEARCH MCX Crudeoil UPDATE OF 5 February 2019

Posted by Commodity Updates by Epic Research on 12:04:00 with No comments

Crudeoil trading range for the day is 3744-4096.

Crude oil dropped as a White House economic adviser warned that there was still a lot of work left in order to sort out the trade dispute between the U.S. and China.

Crude output from the Organization of Petroleum Exporting Countries fell the most in two years in January.

Output from OPEC’s 14 current members fell by 930,000 barrels a day last month to 31.02 million.

In the U.S., working rigs drilling for oil fell by 15 to 847, the least since May, Baker Hughes said.

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