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Thursday 10 January 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 10 January 2019

Crudeoil trading range for the day is 3459-3819.

Crude oil gained on signs that Washington and Beijing may soon resolve a trade dispute that has cast a pall over the global economy.

Saudi Arabia’s energy minister said he was confident that supply cuts started in late 2018 by the OPEC and some allies.

Khalid al-Falih said he would not rule out calling for further action in future, if needed.

The main source of new supply is the United States, where crude oil production remained at a record 11.7 million barrels per day (bpd).

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