Crude Oil on MCX settled down -1.33% at 4890 as concerns over the outlook for global demand amid simmering trade tensions, coupled with increasing supply and rising inventories, pummeled the outlook for crude.
The International Energy Agency (IEA), along with U.S. and Chinese trade officials, aren’t helping oil prices recover, as crude hit 2-1/2 month lows amid the notion the market has risen too much, too fast.
MCX Crude Oil support at ₹4802 and below same could see a test of ₹4720 levels and resistance is now likely to be seen at ₹4980, a move above could see prices testing ₹ 5066.
Read More: Crude Oil Slip as Economic Outlook Report
IEA chief Fatih Birol told an energy conference in Singapore that high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.
Crude-Oil has been caught in the global financial market slump this month, with equities under pressure from the trade fight between the world’s two largest economies.
Free Commodity Reports : Commodities Weekly Forecast 29-10-18 To 02-11-18 – Neal Bhai Reports
Oil production from Russia, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.
In a bearish signal, the American Petroleum Institute reported U.S. crude inventories rose 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build.
Meanwhile, the International Energy Agency (IEA) said high Crude oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity. – Neal Bhai Reports
