EPIC RESEARCH MCX Crudeoil UPDATE OF 6 February 2019

Posted by Commodity Updates by Epic Research on 12:24:00 with No comments

Crudeoil trading range for the day is 3750-4018.

Crude oil gained buoyed by expectations of tightening global supply amid U.S. sanctions on Venezuela and production cuts led by OPEC.

U.S. sanctions on Venezuela had focused market attention on tighter global supplies.

Oil supply from the Organization of the Petroleum Exporting Countries fell in January by the largest amount in two years, a survey found.

Russia has been in full compliance with its pledge to gradually cut its oil production, Russian Energy Minister Alexander Novak said in a statement.

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