According to Achiievers Equities, Crude oil gained as investors cheered data showing supplies of U.S. crude fell by more- than-expected, lifting expectations that supplies will tighten.
Achiievers Equities' commodity report on Crudeoil
Crudeoil trading range for the day is 3062-3188.
Crude oil gained as investors cheered data showing supplies of U.S. crude fell by more- than-expected, lifting expectations that supplies will tighten.
Inventories of U.S. crude fell by roughly 7.2m barrels, confounding expectations of a draw of about only 2.6m barrels.
The market has been buoyed by Saudi Arabia's announcement that it would limit crude exports to 6.6 mbpd in August, down nearly 1 million bpd from a year earlier.BUY CRUDEOIL AUG 2017 @ 3120 SL 3090 TGT 3156-3185.MCX.
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