Today Crude Oil Trading View : It looks like crude will move down upto 2860 – 2870 but may touch near 3000 – 3020 – 3050 at time of inventory. It Lower Support will be 2945
Crude oil dips on Buy around 2965 – 2970 (CMP 2987) targets 3000 – 3030 – 3050 top loss at 2945
Oil prices rise in Asia in expectation of Aramco supply cut
State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of OPEC’s agreement to reduce production and as it trims exports to meet rising domestic demand for power during the summer. million barrels is roughly two days worth of oil imports into Japan, the world’s fourth biggest importer. Aramco had previously been maintaining supplies to its important Asian customers.
Saudi Arabia’s oil minister Khalid al-Falih said on Monday that he expected the output deal to be extended to the end of the year or possibly longer. OPEC meets later this month.
Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the U.S. government said on Tuesday.
U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration said
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