EPIC RESEARCH MCX Crudeoil UPDATE OF 20 March 2019

Posted by Commodity Updates by Epic Research on 11:37:00 with No comments

Crudeoil trading range for the day is 4039-4175.

Crude oil prices remained supported by supply cuts led by producer club OPEC.

Prices have been further supported by U.S. sanctions against oil exports from Iran and Venezuela.

OPEC scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at least June, when the next meeting is scheduled.

Saudi Energy told, OPEC+ met for a preliminary review of its production cuts, that the alliance's work in so-called market rebalancing was far from over.

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