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MTECHTIPS:-MCX Crude Oil to trade on stronger note

Crude oil may trade on strong path in range of 3100-3220 in MCX as today EIA data to give further direction to the prices,as per SMC Global forecast. Crude oil prices rallied more than 4% on Tuesday morning.  West Texas Intermediate crude oil futures rose more than 4% in New York to as high as $4823 per barrel, the highest since early September. The Energy Information Administration (EIA) released its latest short-term outlook today.  The EIA estimated that US oil production fell by 120,000 barrels per day in September. The EIA maintained its forecast for total US oil production to fall through mid-2016 before resuming its build again.  Crude oil futures rose further in thin Asian trade on Wednesday after breaking out of a month-long trading range on a forecast suggesting a global glut in supply may be easing.  Global oil demand is expected to increase by the most in six years as supply from non-OPEC countries stalls, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday.


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