EPIC RESEARCH MCX CRUDE OIL UPDATE OF 11 MAY 2017

Crudeoil trading range for the day is 2938-3168. Crude oil gains as investors cheered the latest report from the EIA showing U.S. crude inventories fell more than expected. Support also seen after reports Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. output. Saudi Arabia's oil minister Khalid al-Falih said that he expected the output deal to be extended to the end of the year or possibly longer.

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