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Wednesday 23 January 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 23 January 2019

Crudeoil trading range for the day is 3643-3911.

Crude oil dropped as signs of a spreading global economic slowdown stoked concerns over future fuel demand.

Wednesday, January 23, 2019 Despite the darkening outlook, oil prices have been getting some support from supply cuts started in late 2018 by the Organization of the Petroleum Exporting Countries (OPEC).

South Korea’s export-oriented economy slowed to a six-year low growth rate of 2.7 percent in 2018, official data showed.

The number of rigs drilling for oil in the U.S. fell by 21 to 852, the lowest since May 2018, according to Baker Hughes’ data.

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