Crudeoil Trading Range For The Day is 2980-3214

Crudeoil settled up 0.46% at 3089 closed moderately higher on Tuesday, following a volatile, see-saw day of trading after the IEA issued a bleak outlook for the next year with forecasts of minimal reductions from record-levels of global oversupply. While Crude oil prices fell from the day's high amid concerns about rising global supplies. With OPEC determined to oversupply markets despite waning demand, crude oil prices have tumbled from multi-month highs since Friday. On Tuesday, the Paris-based IEA said it expects non-OPEC supply to fall by 500kbpd in 2016, the sharpest decline in two decades.
Trading Ideas:
Crudeoil trading range for the day is 2980-3214.
Crude oil edged up but prices pared gains after the International Energy Agency rekindled fears that the market remains over supplied.
The IEA said the world oil market would remain over supplied for at least another year despite falls in output from non-OPEC producers.
OPEC’s monthly oil market report showed a daily output of 31.57 million barrels, the highest since 2012.


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