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Thursday, 28 February 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 28 February 2019

Crudeoil trading range for the day is 3932-4176.

Crude oil gained after crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from President Trump seeking to keep oil prices from climbing.

U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.

U.S. crude oil inventories fell by 4.2 million barrels in the week to Feb. 22, to 444.3 million barrels, the API estimated in a weekly report.

In December, OPEC and others, led by Russia, agreed to collectively cut production by a total of 1.2 mbpd during the first six months of 2019.

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