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Wednesday 12 December 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 12 December 2018

Crudeoil trading range for the day is 3593-3881.

Crude oil recovered losses as risk assets recovered their appeal and a supply outage in Libya continued to support prices ahead of U.S. inventory data.

Energy Minister Novak said that Russia would cut oil output gradually as part of a deal struck last week between OPEC and non-OPEC producers.

Novak told reporters that Russia was on track to reduce production by at least 50,000- 60,000 barrels per day in January.

Hedge funds and other money managers cut their bullish wagers on crude to the lowest in more than two years, the CFTC said

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