EPIC RESEARCH MCX CRUDEOIL UPDATE OF 08 Nov 2016

Crudeoil trading range for the day is 2919-3033. Crude oil gained boosted by a commitment from OPEC to stick to a deal to cut output. The secretary-general of the OPEC said the group was committed to an output-cutting deal made in Algiers in September. In US there were also signs of rising future output as the number of drilling rigs looking for new oil to produce rose by 9 to 450 in the week to Nov. 4.
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