EPIC RESEARCH MCX Crudeoil UPDATE OF 1 April 2019

Crudeoil trading range for the day is 4082-4266

Crude oil gained as U.S. sanctions against Iran and Venezuela as well as OPEC-led supply cuts overshadowed concerns over a slowing global economy.

U.S. sanctions on Iran and Venezuela have boosted oil prices this year, as the sanctions have restricted crude exports out of the countries.

Also lifting prices this year has been a deal between the OPEC and allies such as Russia to cut output by around 1.2 million barrels per day, which officially started in January.

Saudi Arabia favors cuts for the full year while Russia, which joined the agreement reluctantly, is seen as less eager to restrict supply beyond September

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