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Monday, 18 February 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 18 February 2019

Crudeoil trading range for the day is 3830-4040.

Crude oil climbed as OPEC-led supply cuts and announcement of a higher than expected cut by Saudi Arabia encouraged investors.

Prices were also buoyed by the partial closure of Saudi Arabia’s Safaniya, its largest offshore oilfield with production capacity of more than 1 million bpd.

Saudi Arabia said it would cut more than half a million barrels per day (bpd) more in March than the deal called for, sending prices surging.

OPEC and allies led by Russia started voluntary production cuts last month, aiming to tighten the market.

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