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Wednesday, 18 January 2017

EPIC RESEARCH MCX CRUDE OIL UPDATE OF 18 JANUARY 2017


Crudeoil trading range for the day is 3517-3675. Crude oil edged higher supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Oil has drawn support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output. Under the agreement, OPEC, Russia and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million bpd, initially for six months.

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