EPIC RESEARCH MCX Crude oil UPDATE OF 14 August 2018
Posted by Commodity Updates by Epic Research on 12:45:00 with No comments
Crude oil dropped after data suggested inventories at the U.S. crude delivery hub rose in the latest week.
OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.
In a monthly report, the OPEC said the world will need 32.05 Mbpd of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast.
U.S. energy companies last week added the most oil rigs since May, adding 10 rigs to bring the total count to 869.
U.S. energy companies last week added the most oil rigs since May, adding 10 rigs to bring the total count to 869.
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