Tuesday 19 November 2019

Crude Oil Dropped Due To Excess Supply In The Market

Crude oil trading range for the day is 4008-4196.

Crude oil dropped due to excess supply in the market and on uncertainty over a potential trade deal between the U.S. and China.

U.S. shale production is likely to climb by 49,000 barrels a day in December to 9.133 million barrels a day.

Saudi Arabia's crude oil exports in September fell by 3% to 6.67 million barrels per day from 6.88 million bpd in August, official data showed.

Crude stocks fell by 20.27 million bpd to 152.48 million bpd while domestic refinery crude throughput rose by 10,000 bpd to 2.584 million bpd.

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