Crudeoil on MCX settled up 0.52% at 4474 after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply. U.S. crude oil production is expected to rise by 1.43 million barrels per day (bpd) in 2019 to average 12.39 million bpd, the U.S. Energy Information Administration (EIA) said, up from its previous forecast for a rise of 1.35 million bpd. Output in 2020 is forecast to rise by 710,000 bpd to 13.10 million bpd, a smaller increase than the EIA previously estimated.
Overall, oil markets have been tightened this year by U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers, a group known as OPEC+. Venezuelan oil output is estimated to have fallen from 1.19 million bpd in October to 890,000 bpd in March, while output from Iran has fallen from 3.33 million bpd to 2.71 million bpd due to sanctions. Declines from these two exempt countries account for almost 47 percent of the reduction seen from OPEC.
Oil production in the United States has risen by more than 2 million barrels per day since early 2018, to a record 12.2 million bpd. U.S. crude stocks rose by 4.1 million barrels in the week to April 5, to 455.8 million barrels, data from industry group the American Petroleum Institute showed. Technically now Crudeoil is getting support at 4446 and below same could see a test of 4417 level, And resistance is now likely to be seen at 4493, a move above could see prices testing 4511.
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