MCX HNI Crude Oil Update

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MCX HNI Crude Oil Update

MCX Crude Oil prices rose to 1-month high amid optimism over global supply cuts :

As per MCX intraday research Mumbai base company report for :
crude Oil prices were higher on Thursday, hitting the strongest level in about a month as traders cheered signs that global supply was beginning
to tighten in wake of a planned agreement by major crude producers to cut output. Crude oil for March delivery on the New York Mercantile
Exchange rose to a daily peak of $54.34 a barrel, the most since January 3. January 1 marked the official start of the deal agreed by OPEC and non OPEC
member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day to 32.5 million for the next six
months. The deal, if carried out as planned, should reduce global supply by about 2%. Gains were limited amid ongoing concerns over rising U.S. oil
inventories. The U.S. EIA said on Wednesday that crude supplies rose by 6.5 million barrels last week to 494.8 million barrels. Futures have been
trading in a narrow range over the past month as sentiment in oil markets has been torn between expectations of a rebound in U.S. shale
production and hopes that oversupply may be curbed by output cuts announced by major global producers. U.S. drilling activity has risen by more
than 6% since mid-2016, taking it back to levels seen in late 2014, when strong U.S. crude output contributed to a collapse in oil prices.

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