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Tuesday 26 March 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 26 March 2019

Crudeoil trading range for the day is 4003-4151.

Crude oil gained as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.

Adding to the fears of a more widespread global downturn, manufacturing output data from Germany, shrunk for the third straight month.

OPEC and non-affiliated allies such as Russia, have pledged to withhold around 1.2 million barrels per day (bpd) of oil supply this year to prop up markets.

The EIA reported that U.S. crude supplies unexpectedly fell by nearly 10 million barrels for the week ended March 15, the most since July.

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