EPIC RESEARCH MCX CRUDE OIL UPDATE OF 17 MAY 2017

Crudeoil trading range for the day is 3085-3183.Crude oil dropped as investors awaited a fresh weekly batch of U.S inventory data amid growing support from energy ministers for prolonged supply cuts to March 2018.Energy ministers from Saudi Arabia and Russia said they would support an extension of the supply-cut agreement into March 2018.U.S. crude oil inventories rose by 882,000 barrels to 523.4 million, compared with expectations for a decrease of 2.4 million barrels, API data showed.

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