Wednesday 23 October 2019

Crude Oil Gained After OPEC Sources States That OPEC

Crude oil trading range for the day is 3733-3955.

Crude oil gained after OPEC sources states that OPEC and allies will consider deeper oil cuts at December meeting due to weak demand growth outlook in 2020.

U.S. crude stockpiles were expected to have risen for the sixth straight week, while refined inventories likely fell last week.

China has issued more crude oil import quotas for mostly private refiners that will allow them to bring in a further 12.9 million tonnes for the rest of 2019.

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