EPIC RESEARCH MCX CRUDE OIL UPDATE OF 16 MAY 2017

Crudeoil trading range for the day is 3042-3236.Crude oil surges to nearly $49 as Saudi and Russia announced they have agreed to leave production cuts in place through March 2018.OPEC is expected to decide at talks on May 25 whether to extend the current deal to cut production.Goldman said that beyond the ongoing rise in US production, there was also an increase in output from within OPEC by members.

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