EPIC RESEARCH MCX Crudeoil UPDATE OF 8 January 2019

Posted by Commodity Updates by Epic Research on 11:04:00 with No comments

Crudeoil trading range for the day is 3325-3539.

Crude oil rose lifted by optimism that talks could soon resolve the trade war between US and China, while supply cuts by major producers also supported.

Prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated OPEC as well as non-OPEC Russia.

OPEC oil supply fell in December by 460,000 bpd, to 32.68 million bpd, a survey found last week, led by cuts from top exporter Saudi Arabia.

Libya aims to more than double its oil production to 2.1 mbpd by 2021 provided security and stability are strengthened in the conflict-stricken country.

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