Friday, 13 April 2018

Crude Oil Recovered From Lows As OPEC Forecasted A Tighter Market This Year

Crude oil trading range for the day is 4269-4441.

Crude oil recovered from lows as OPEC forecasted a tighter market this year and as tensions surrounding Syria eased, dampening hopes for supply disruption.

Global oil supply remains a concern amid OPEC and Russian-led output reductions, with production falling from mature oilfields while demand growth remains strong.

Global oil consumption is still growing strongly, gaining 1.5 million barrels per day (bpd) this year, driven by petrochemical, industrial and aviation demand.

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