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Wednesday 5 December 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 5 December 2018

Crudeoil trading range for the day is 3647-3927.

Crude oil prices pared gains as fears flared that demand would stall due to a trade war, and as Russia remained a stumbling block to a deal to cut global supply

Crude climbed after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action.

The Middle East-dominated OPEC will on Dec. 6 meet at its headquarters in Vienna, Austria, to agree a joint output policy.

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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