Crude oil trading range for the day is 3814-3970
Crude oil gained as supply risks are still a concern as tensions remained high around the Strait of Hormuz. Tuesday, July 30,2019
Russian oil production has recovered to an average of 11.099 mbpd in the period July 1- 25, up from 11.05 million bpd for July 1-21.
But growth outside the U.S. is slowing faster, due partly to the impact of the U.S.-China trade war.
U.S. energy companies last week reduced the number of oil rigs operating for a fourth week in a row, putting the rig count down for an eighth consecutive month.
SELL CRUDEOIL AUG 2019 @ 3900 SL 3940 TGT 3860-3820.MCX
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