EPIC RESEARCH MCX CRUDE OIL UPDATE OF 15 JANUARY 2018
Crudeoil trading range for the day is 3976-4128. Crude oil prices gained on weekly basis amid ongoing optimism that OPEC-led output cuts would continue to drain the market of excess supplies. Fatih Birol, head of the Paris-based International Energy Agency, said that oil prices at $65 to $70 risked encouraging more oversupply from U.S. shale drillers. Gulf OPEC producers plan to keep their oil output in the current quarter below the year-earlier level despite strong demand growth and a drop in global inventories.