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Thursday, 11 April 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 11 April 2019

Crudeoil trading range for the day is 4417-4511.

Crude oil gained after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs.

U.S. crude oil production is expected to rise by 1.43 million barrels per day (bpd) in 2019 to average 12.39 million bpd, the U.S. EIA said

Russia indicated a possible easing from its output-cutting deal with OPEC overshadowed the prospect that violence in Libya could further tighten global supply.

U.S. crude stocks rose by 4.1 million barrels in the week to April 5, to 455.8 million barrels, data from industry group the American Petroleum Institute showed.

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