CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 29 August 2019

Energy Preview: Crude oil prices clung to gains on Thursday
Crude oil may trade with the positive path as oil prices clung to gains on Thursday after official data confirmed a big drop in U.S. crude inventories, helping ease concerns about weakening demand, but worries about wider economic growth held prices in check. U.S. crude oil inventories fell last week by 10 million barrels, compared with analysts’ expectations for a decrease of 2.1 million barrels, as imports slowed, the Energy Information Administration said. Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 918,000-barrel increase, the EIA data showed. Crude oil may move towards 4050 while taking support near 3970. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been restraining supply for most of the period since Jan. 1, 2017. The alliance, known as OPEC+, in July renewed the pact until March 2020. Global growth has been hit by the trade war between the United States and China, which shows no signs of easing. Natural gas can remain on upside path as it can test 165 while taking support near 159.
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