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Tuesday, 4 December 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 4 December 2018

Crudeoil trading range for the day is 3524-3892.

* Crude oil gained after US and China agreed to a 90-day truce in their trade war, and ahead of a meeting by OPEC that is expected to result in a supply cut.

* U.S. crude oil production has hit a record of more than 11.5 million barrels per day, resulting in swelling storage levels.

* OPEC's biggest problem is surging production in the United States, where output has grown by around 2 million bpd in a year to more than 11.5 million bpd .

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