Energy Updates : Crudeoil | Naturalgas : 15.11.2019
Crude oil may trade with sideways to upside path. Oil prices posted early gains as OPEC’s outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month.
Crude oil can move towards 4130 while taking support near 4070. Optimism that the United States and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was “getting close”, citing what he called very constructive discussions with Beijing.
Organization of the Petroleum Exporting Countries (OPEC) said on Thursday it expected demand for its oil to fall in 2020. That supports the view among markets that there’s a clear case for the group and other producers like Russia - collectively known as ‘OPEC+’ - to maintain
limits on production that were introduced to cope with a supply glut.
OPEC+ on Jan. 1 cut output by 1.2 million barrels per day (bpd), and in July, the alliance renewed the pact until March 2020. Crude production rose by 200,000 bpd to a weekly record of 12.8 million bpd, the EIA said in its weekly report. Natural gas can open on negative note as it can test 187while taking resistance near 192.
Crude oil can move towards 4130 while taking support near 4070. Optimism that the United States and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was “getting close”, citing what he called very constructive discussions with Beijing.
Organization of the Petroleum Exporting Countries (OPEC) said on Thursday it expected demand for its oil to fall in 2020. That supports the view among markets that there’s a clear case for the group and other producers like Russia - collectively known as ‘OPEC+’ - to maintain
limits on production that were introduced to cope with a supply glut.
OPEC+ on Jan. 1 cut output by 1.2 million barrels per day (bpd), and in July, the alliance renewed the pact until March 2020. Crude production rose by 200,000 bpd to a weekly record of 12.8 million bpd, the EIA said in its weekly report. Natural gas can open on negative note as it can test 187while taking resistance near 192.