EPIC RESEARCH MCX Crudeoil UPDATE OF 18 April 2019

Posted by Commodity Updates by Epic Research on 13:07:00 with No comments

Crudeoil trading range for the day is 4400-4494.

* Crude oil gained propelled by steady economic growth in China and a fall in U.S. crude stocks which defied expectations and signalled firm demand.

* Russia raised concern the OPEC-led supply-cutting pact may not be renewed. Russia and the producer group may decide to boost output to fight for market share.

* OPEC and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1.

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