EPIC RESEARCH MCX CRUDE OIL UPDATE OF 15 MAY 2017

Crudeoil trading range for the day is 3018-3120. Crude oil pared gains on profit booking but prices gained on weekly basis due to increasing support for continued OPEC-led production cuts.Saudi Arabia, OPEC's de facto leader, has said it expects an extension to the end of 2017 or possibly beyond. Russia said as of May 1, it had cut output by more than 300,000 bpd since hitting peak production in October.

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