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Friday 16 March 2018

EPIC RESEARCH MCX CRUDE OIL UPDATE OF 16 MARCH 2018

Crude oil trading range for the day is 3921-4029. Crude oil gained after the IEA forecast an increase in global oil demand for the next year, although it also warned about the consequences of protectionist U.S. policies. Global oil demand is expected to pick up more quickly this year, but supply is still growing at a faster pace leading to a rise in inventories in the first quarter of 2018. OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more.

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