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Crude Oil Market Under Long Liquidation; Support Seen At 4856

By CommodityOnline (Commodity Online)CommoditiesSep 14, 2018 12:18
in.investing.com/analysis/crude-oil-market-under-long-liquidation-support-seen-at-4856-200204937
Crude Oil Market Under Long Liquidation; Support Seen At 4856
By CommodityOnline (Commodity Online)   |  Sep 14, 2018 12:18
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Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 28.29% to settled at 10459.

Now MCX Crude Oil is getting support at 4856 and below same could see a test of 4795 levels and resistance is now likely to be seen at 5025, a move above could see prices testing 5133.

Crude Oil on MCX settled down 3.28% at 4918 after the monthly report from the International Energy Agency showed a jump in global supply to an all-time high.

U.S. crude inventories declined by 5.3 million barrels in the week to Sept. 7 to below 4 million barrels, the lowest since February 2015 and around 3% below the five-year-average for this time of year, according to a report from the U.S. Energy Information Administration (EIA).

U.S. crude oil production dropped by 1000,000 barrels per day (bpd), to 10.9 million bpd. The global oil supply reached a record 100 million barrels per day, the International Energy Agency said in its latest forecast.

Crude output from the Organization of the Petroleum Exporting Countries and Russia, rose to a nine-month high in August, to 32.63 million bpd, due to a rebound in Libya production and increases from Iraq, Nigeria and Saudi Arabia, the IEA said. Non-OPEC supply was also up 2.6 million bpd, led by U.S. production.

However ongoing Iranian and Venezuelan falls in production could risk market tightness, Paris-based agency said. Increased sanctions from the U.S. against Iran, which is a member of OPEC, has put pressure on the organization and could lead to market tightness.

The financial sanctions against Iran will target the petroleum sector in November, when a global drop of crude supply is expected. OPEC agreed in June to raise output at a nominal increase of 1 million bpd amid pressure from the U.S. to decrease prices.

Trading Ideas:
--Crude Oil trading range for the day is 4795-5133.
--Crude oil dropped after the monthly report from the International Energy Agency showed a jump in global supply to an all-time high.
--The global oil supply reached a record 100 million barrels per day, the International Energy Agency said in its latest forecast.
--Crude output from the OPEC and Russia, rose to a nine-month high in August, to 32.63 million bpd, due to a rebound in Libya production.

Crude Oil Market Under Long Liquidation; Support Seen At 4856
 

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Crude Oil Market Under Long Liquidation; Support Seen At 4856

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