Crude oil trading range for the day is 5210-5336

Crude oil trading range for the day is 5210-5336.

Crude oil pared gains on profit booking after prices seen supported as U.S. President Trump vowed in a U.N. speech that there will be no reprieve for Iran from sanctions.

Mohammad Barkindo, OPEC secretary general, said in Madrid that OPEC and its partners should cooperate to ensure they do not “fall from one crisis to another”.

Crude inventories rose by 2.9 million barrels in the week to Sept. 21 to 400 million, compared with expectations for a decrease of 1.3 million barrels, the APi said.

Also weighing on sentiment was an industry report showing U.S. crude stocks unexpectedly climbed last week.

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Crude oil trading range for the day is 4462-4568

Crude oil on MCX settled up 0.24% at 4517 as traders mulled comments from Saudi's oil minister ahead of the Organization of the Petroleum Exporting Countries meeting next week. U.S. crude production rises and as the Organization of the Petroleum Exporting Countries, Russia and other allies look poised to increase output in their meeting in the Austrian capital on June 22-23. Russian Energy Minister Alexander Novak said after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations "in principle" supported the gradual exit from the deal.

Trading Ideas:

* Crude oil trading range for the day is 4462-4568.

* Crude oil gained as traders mulled comments from Saudi's oil minister ahead of the Organization of the Petroleum Exporting Countries meeting next week.

* U.S. crude output has risen by almost 30 percent in the last two years, and it is now close to top global producer Russia.

* U.S. consumption of gasoline in the United States rose to an historic high of 9.88 million bpd last week, according to the EIA.

Today Commodity MCX live Price 15 June 2018

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Crude oil trading range for the day is 4774-4928

Crude oil trading range for the day is 4774-4928.

Crude oil gained on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

Global inventories of crude oil and refined products dropped sharply in recent months due to robust demand and production cuts by the world's top producing countries.

Oil stocks were expected to drop further as the peak summer driving season nears, offsetting increases in U.S. shale output.

The IEA said global oil demand would average 99.2 mbpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd this summer.

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