MCX Crude Oil Intraday Trend

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MCX Crude Oil Intraday Trend

As per MCX intraday research Mumbai base company report for :

 Oil eased on concerns over US crude supply

Oil futures eased back Friday, caught between larger-than-expected growth in US crude stocks and reports that OPEC members may exercise an option to extend a pact to cut production by six-months. Many factors are driving oil prices right now, including whether or not OPEC production cuts will be extended past June and the US’s “ability to ramp up shale production to mitigate the impact of the production cuts. Oil traders are also looking at lower demand for U.S. gasoline, amid high supplies of the fuel, and weighing developments in the global economy. The cartel OPEC, along with other key producers including Russia, agreed last year to cut around 1.8 million barrels a day of oil output starting in January. The six-month deal sent prices around 20% higher, which has provided incentive for producers outside of the pact, including in the U.S., to increase their output. On Thursday, Reuters reported that OPEC sources said the cartel could extend the six-month deal to cut supply, or make more severe cuts, if oil stocks don’t drop by around 300 million barrels to the five-year average. According to OPEC’s latest oil report, commercial oil stocks of the OECD countries fell by 33.8 million barrels in December for the fifth consecutive month, but at 2.9 billion barrels, it is still around 299 million barrels above the latest five-year average.


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