CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 29 JULY 2019

Capitalstars Investment Advisor

• Energy Preview: Crude Slides Nearly 1% On MCX
• WTI Crude oil stayed firm on supportive US equities and Middle East worries. The commodity closed at $56.19 per barrel, up 0.30% on the day. MCX Crude oil ended at Rs 3873 per barrel, down 1% on the day as a slide under Rs 3900 mark extended. Saudi Arabia's crude oil production approached a four-year low in May 2019, averaging an estimated 9.9 million barrels per day (b/d), more than 1 million b/d lower than its all-time high in November 2018. The broad trend in overseas supplies from the Middle East nation could see a moderation in near term if the production fails to edge up from present levels. Saudi Arabia's seasonal increase in domestic crude oil consumption for power generation could reduce available crude oil export volumes. The increase is dependent on the weather, but higher domestic consumption could be a more significant factor in determining the level of Saudi Arabian crude oil exports in the coming months. Production in Saudi Arabia dropped following a December 2018 agreement by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut crude oil production
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