MCX CRUDEOIL NEWS : 11.01.2017
Crudeoil on MCX settled down -1.71% at 3513 ended lower in yesterday's session extending losses from the previous session after the EIA said it expects U.S. crude oil production in 2018 to rise by 300,000bpd year-on-year, also prices where under pressure as dollar strengthened and doubts over implementation of a global deal to cut output loomed. Meanwhile Members of the OPEC, such as Saudi Arabia, appear to be reducing production under a global deal to rein in oversupply but it is unclear whether other big producers like Iraq will follow suit. While Iraq, OPEC's second-largest producer, said it would raise crude exports from its main Basra port to an all-time high in February. The country's southern oil exports in the first nine days of January held steady near a record high, despite the agreed start of OPEC cuts on Jan. 1, according to a source and loading data. Yesterday prices also dropped after the the American Petroleum Institute report which reveled that crude oil stocks rose 1.5 million barrels last week, above a forecast of a 900,000 barrels build. Now trader are looking for another concern which will be high U.S. crude stockpiles, with the EIA scheduled to release its latest figures on Wednesday. Also Worries right now focus on whether the OPEC and non-OPEC countries will adhere to their promised production cut pact, made late last year to trim nearly 1.8mbpd from global market. Technically market is getting support at 3483 and below same could see a test of 3454 level, And resistance is now likely to be seen at 3558, a move above could see prices testing 3604.
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Crudeoil on MCX settled down -1.71% at 3513 ended lower in yesterday's session extending losses from the previous session after the EIA said it expects U.S. crude oil production in 2018 to rise by 300,000bpd year-on-year, also prices where under pressure as dollar strengthened and doubts over implementation of a global deal to cut output loomed. Meanwhile Members of the OPEC, such as Saudi Arabia, appear to be reducing production under a global deal to rein in oversupply but it is unclear whether other big producers like Iraq will follow suit. While Iraq, OPEC's second-largest producer, said it would raise crude exports from its main Basra port to an all-time high in February. The country's southern oil exports in the first nine days of January held steady near a record high, despite the agreed start of OPEC cuts on Jan. 1, according to a source and loading data. Yesterday prices also dropped after the the American Petroleum Institute report which reveled that crude oil stocks rose 1.5 million barrels last week, above a forecast of a 900,000 barrels build. Now trader are looking for another concern which will be high U.S. crude stockpiles, with the EIA scheduled to release its latest figures on Wednesday. Also Worries right now focus on whether the OPEC and non-OPEC countries will adhere to their promised production cut pact, made late last year to trim nearly 1.8mbpd from global market. Technically market is getting support at 3483 and below same could see a test of 3454 level, And resistance is now likely to be seen at 3558, a move above could see prices testing 3604.
