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Wednesday 24 October 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 24 October 2018

Crudeoil trading range for the day is 4673-5235.

Crude oil dropped after Saudi Arabia said it would make up for supply disruptions from U.S. sanctions targeting Iran's petroleum exports from next month.

Saudi Arabia said it would play a "responsible role" in energy markets.

The US cannot stop Iranian oil exports by imposing sanctions on Tehran, Iran's oil minister said, warning that such restrictions will ensure the market remains volatile.

U.S. crude oil production has climbed by almost a third since mid-2016 to around 11 million barrels per day, and rising drilling activity points to further increases.

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