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Monday 15 April 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 15 April 2019

Crudeoil trading range for the day is 4360-4522.

Crude oil gained as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market.

The head of Libya’s National Oil Corporation warned that renewed fighting could wipe out crude production in the country.

OPEC’s de facto leader, Saudi Arabia, is considered keen to keep cutting, sources within the group said it could raise output from July if disruptions continue elsewhere.

U.S. energy companies this week increased the number of oil rigs operating for a second week in a row, bringing the total count to 833.

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