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Tuesday 16 April 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 16 April 2019

Crudeoil trading range for the day is 4355-4447.

Crude oil prices ended with losses on signals that Russia may exit production cuts.

Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions.

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

Russian Finance Minister Anton Siluanov said that Russia and OPEC may decide to boost production to fight for market share with the US.

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