EPIC RESEARCH MCX Crudeoil UPDATE OF 24 December 2018

Crudeoil trading range for the day is 3139-3331.

* Crude oil dropped amid concerns about oversupply, despite planned production cuts by the Organization of the Petroleum Exporting Countries.

* OPEC’s Secretary Barkindo said that member states should reduce output to 3.02%, which is higher than the originally agreed figure of 2.5%.

* Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent.

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