MCX Crude Tips Rocking – 4100 to 4069 – Don’t Miss It, Fast Join Day Trading for Small Trader’s
Crude Oil on MCX settled down 1.38% at 4077 due to excess supply in the market and on uncertainty over a potential trade deal between the U.S. and China. U.S. shale production is likely to climb by 49,000 barrels a day in December to 9.133 million barrels a day.
Saudi Arabia’s crude oil exports in September fell by 3% to 6.67 million barrels per day (bpd) from 6.88 million bpd in August, official data showed. September crude output fell by 660,000 bpd to 9.129 million bpd, figures from the Joint Organizations Data Initiative (JODI) showed. Crude stocks fell by 20.27 million bpd to 152.48 million bpd while domestic refinery crude throughput rose by 10,000 bpd to 2.584 million bpd, the data showed.
The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia collectively known as ‘OPEC+’ – to maintain limits on production that were introduced to cope with a supply glut.OPEC and its allies are expected to discuss output policy at a meeting on Dec. 5-6 in Vienna.Their existing production deal runs until March. U.S. energy firms reduced the number of oil rigs operating for a fourth week in a row.
