Tuesday, 15 May 2018

Crude Oil Recovered From Lows As Traders Cheered A Mostly Bullish Report

Crude Oil trading range for the day is 4697-4863.

Crude oil recovered from lows as traders cheered a mostly bullish report from OPEC showing excess stockpiles of global crude has been nearly eliminated.

A global oil glut has been virtually eliminated, according to OPEC, thanks in part to an OPEC-led supply cut deal in place since January 2017 and fast-rising global demand.

Oil inventories in developed nations in March fell to stand 9 million barrels above the fiveyear average, OPEC said in a report.

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