Tag Archives: CRUDE OIL TREND

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MCX CRUDE OIL TODAY – TREND IS LOW – CRUDE OPERATOR

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MCX CRUDE OIL IS  6-WEEK LOW ON OPEC SUPPLY EXPECTATIONS

29-May-2018

NYMEX unrefined petroleum exchanges close $66.8 per barrel in the wake of testing a low of $65.8/bbl prior this week, the most minimal level since April 17. Unrefined petroleum has redressed 9.7% from ongoing 3 ½ year high of $72.9/bbl set on May 22.

MCX CRUDE OIL TODAY TREND - CRUDE OPERATOR

Raw petroleum has dove in the midst of automatic response to reports that OPEC may raise yield to adjust for supply misfortune from Iran and Venezuela and to mitigate customer concerns.

Saudi Arabia and Russia a week ago flagged they may reestablish a portion of the yield ended as a feature of an arrangement between OPEC to compensate for potential misfortunes from different individuals, most outstandingly Venezuelan supply and Iran.

OPEC and partners have cut yield by 1.8 million barrels for every day since 2017. Reports a week ago noticed that OPEC may raise yield by 1 million barrels for every day in second half. There is no official choice yet and spotlight will be on OPEC meeting on June 21.

Likewise weighing on rough cost is higher US supply. US unrefined creation has hit record abnormal state of 10.725 million barrels for each day. Apparatus tally hit a high of 859 a week ago, the most abnormal amount since March 2015.

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MCX Crude Oil Intraday Trend

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As per MCX www.crudeoperator.com 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.

MCX CRUDE OIL PURE INTRADAY TIPS CALLS.
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MCX Crude Oil Intraday Trend

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MCX Crude Oil Intraday Trend– Buy is advised only above 3660.3 with a stop at 3579.8 Below 3557.9 go for sell and put stop at 3638.3
Intraday Resistance of MCX CRUDE OIL are 3653 : 3689.5 : 3699.7 : 3712.3
Intraday Support of MCX CRUDE OIL are 3565 : 3528.5 : 3519.5 : 3507.1

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