Monday, 16 January 2017

Crude Oil Dropped On Lingering Doubts Over The Extent Of OPEC Cuts

Crude oil trading range for the day is 3531-3657. Crude oil dropped on waiting questions over the degree of OPEC cuts, with opinion compounded by worries over the wellbeing of the Chinese economy. Fares of Chinese refined oil items a month ago rose almost 25 percent year on year to a record 5.35 million tons. On the supply side, there was some market bolster from top rough exporter Saudi Arabia, which said that its yield had fallen beneath 10 million bpd.

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