EPIC RESEARCH MCX CRUDEOIL UPDATE OF 07 Nov 2016

Crudeoil trading range for the day is 2869-3035. Crude oil dropped as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. U.S. crude oil exports rose to about 692,000 barrels per day in September, the highest on record, from about 657,000 bpd in the previous month At a meeting of OPEC experts last week, Riyadh threatened to raise oil output steeply to bring prices down if Tehran refused to limit its production.
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