Crude oil trading range for the day is 3639-3941

Crude oil on MCX settled up 3.75% at 3820 after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a step set to severely curb the OPEC member’s crude exports to the United States. 

 

Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said. 

 

Despite the move, which comes as the U.S government looks to pile pressure on sitting President Nicolas Maduro to step down, ample global oil supply and an economic slowdown especially in China were keeping crude prices in check.

Trading Ideas:

* Crude oil trading range for the day is 3639-3941.

* Crude oil prices crept up after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA.

* Despite its huge reserves, Venezuela’s exports declined to little more than 1 million barrels per day in 2018 from 1.6 million bpd in 2017, according to data.

* Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit.

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