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Tuesday 22 January 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 22 January 2019

Crudeoil trading range for the day is 3808-3936.

Crude oil gained as investors shrugged off weak data from China and focused on another decline in U.S. drilling

Tuesday, January 22, 2019 In the United States, energy firms cut 21 oil rigs in the week to Jan. 18, taking the total count down to 852, the lowest since May 2018.

With the rig count stalling, last year’s growth rate is unlikely to be repeated in 2019, although annual production to average well over 12 million bpd.

However, U.S. crude oil production still rose by more than 2 million barrels per day (bpd) in 2018, to a record 11.9 million bpd.

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