CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 11 October 2019

Energy Preview: Crude Extends Up move, WTI Futures Up Half Percent In Asia

WTI Crude oil futures continued to rise today amid a mostly supportive undertone in global equities. The commodity currently trades at $53.84 per barrel, up 0.54% on the day. MCX Crude oil futures closed at Rs 3788 per barrel, up 0.60% on the day. Asian indices are up on hopes of improvement in the US-China trade climate.

Meanwhile, the recent decrease in US crude oil production was geographically isolated and is likely temporary, noted the Energy Information Administration (EIA) in a latest update yesterday. EIA expects that US crude oil production will increase in each remaining month of 2019, and ultimately reach 13.0 million b/d in December 2019. EIA expects US crude oil production to average 12.3 million b/d in 2019 and 13.2 million b/d in 2020.

Organization of the Petroleum Exporting Countries (OPEC) in its monthly report for October estimated world oil demand to grow by 980,000 barrels a day in 2019, down 4,000 barrels a day from its September estimate. OPEC kept its outlook for 2020 demand growth unchanged at 1.08 million barrels a day.

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