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Friday 12 October 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 12 October 2018

Crudeoil trading range for the day is 5151-5453.

Crude oil prices tumbled after another outsize weekly build in U.S. crude stocks and OPEC’s suggestions the global market could be in a glut by next year.

U.S. crude inventories rose by 6 million barrels last week, the EIA said, more than double expectations of a 2.6 million-barrel increase.

UAE started to increase its oil production in the third quarter of this year and expects to further raise its output in October and November to meet market demand.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, the industry group added.

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