MCX Crude Oil Update

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MCX Crude Oil Update

As per MCX intraday research Mumbai base company report for :

 Oil prices surged as OPEC hinted possible output deal extension

Crude Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. The production cuts are aimed at curbing global oversupply that has dogged markets since 2014. Yet despite action so far, inventories remain bloated and supplies high, especially in the United States. To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended or deepened if all major producers showed “effective cooperation”. U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the EIA said on Wednesday. Gasoline stocks rose 2.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 752,000-barrel drop. That pushed inventories of the fuel to a record 259 million barrels. The latest Energy Information Administration (EIA) natural gas storage data recorded a decline of 114 Billion Cubic feet (Bcf) for the week ending February 10th. This was a smaller decline than last week’s 152 Bcf decline and also significantly smaller than the expected draw of around 130 Bcf.

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