EPIC RESEARCH MCX Crudeoil UPDATE OF 5 March 2019

Crudeoil trading range for the day is 3931-4077.

Crude oil gained buoyed by OPEC output cuts and reports that US and China are inching closer to a deal on a tariff row that has slowed global economic growth.

OPEC oil supply fell to a four-year low in February, as top exporter Saudi Arabia and its Gulf allies over-delivered on the group's supply pact.

The U.S. Energy Department said it was offering up to 6 million barrels of crude from national emergency stocks to raise funds to modernise U.S. strategic oil reserves.

In February, the 11 OPEC members bound by the deal achieved 101 percent of pledged cuts, the survey found, up from 70 percent in January.


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