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Friday 11 January 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 11 January 2019

Crudeoil trading range for the day is 3577-3769.

Crude oil prices slid and gave back some of their gains after jumping more than 5% on Wednesday amid optimism on Sino-U.S. trade talks.

Saudi Energy Minister Khalid al-Falih said actions taking by the OPEC+ alliance were starting to bring the market back after a near-40% drop from 2018 highs.

China said trade talks with the U.S. were “extensive and detailed,” and that both sides agreed to continue to keep in close contact.

Meanwhile, reports that OPEC kingpin Saudi Arabia has vowed to “stabilise” the market also provided support for oil prices.

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