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Monday 3 December 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 3 December 2018

Crudeoil trading range for the day is 3407-3717.

* Crude oil dropped as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut.

* Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets.

* Oil inventories are rising fast in the United States, where commercial crude stocks rose by 3.6 million barrels in the week to Nov. 23 to 450.49 million barrels.

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