EPIC RESEARCH MCX Crudeoil UPDATE OF 21 November 2018

Posted by Commodity Updates by Epic Research on 11:15:00 with No comments

Crudeoil trading range for the day is 3641-4225.

* Crude oil dropped as markets became increasingly worried that supply will outstrip waning demand and A report by the American Petroleum Institute that U.S. commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels

* OPEC reportedly remained undecided on the size of a production cut.

* U.S. crude oil production has soared by almost 25 percent this year, to a record 11.7 million barrels per day (bpd).

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