MCX CRUDE OIL INVENTORIES UPDATE

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MCX CRUDE OIL INVENTORIES UPDATE

As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

Oil climbed as global-output signals sway prices

Oil prices moved higher Tuesday as evidence that OPEC oil producers fulfilled their pledge to hold back production in January helped prices recoup some of their recent losses. However, lingering concerns that rising output in the U.S. could threaten efforts to balance the crude market weighed on investors’ psyches, capping gains. Data Monday from the Organization of the Petroleum Exporting Countries showed the group’s production in January declined by 890,000 barrels a day from the previous month to 32.14 million barrels a day. The drop indicates a 90% compliance level so far by producers who had agreed to curtail their output. If the rate of reduction continues at the same pace for the next six months, the global oil market could cross to a deficit by the second half of the year when demand is stronger. OPEC predicts global demand to grow by 1.3 million barrels a day this year, with China pegged as Asia’s biggest guzzler as the country’s vehicle sales continue to surge. However, growing production from the U.S. could foil the OPEC’s effort to rebalance the oil market

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