EPIC RESEARCH MCX CRUDE OIL UPDATE OF 02 MAY 2017

Crude oil trading range for the day is 3108-3190.Crude oil dropped as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.Iran's oil minister said that OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back.Saudi Arabia's Energy Minister Khalid al-Falih said there was consensus with Central Asia over oil markets and production levels.

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