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Monday 28 January 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 28 January 2019

Crudeoil trading range for the day is 3744-3876.

Crude oil gained as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted. Monday, January 28, 2019

Washington signalled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil.

However, global oil markets are still well supplied, thanks in part to surging output in the US, where crude production rose by more than 2 Mbpd.

The Energy Information Administration now estimates output will top out at 14.53 million barrels a day in 2031, according to its Annual Energy Outlook.

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