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Tuesday 11 December 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 11 December 2018

Crudeoil trading range for the day is 3645-3869.

Crude oil dropped pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply

OPEC and some non-OPEC producers announced they would cut oil, with an 0.8 mbpd reduction planned by OPEC-members and 0.4 mbpd by countries not affiliated with the group.

The OPEC-led supply curbs will be made from January, measured against October 2018 output levels.

China over the weekend reported an annualized 8.5 percent jump in November crude imports, to 10.43 million bpd.

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