Thursday, 18 May 2017

EPIC RESEARCH MCX CRUDE OIL UPDATE OF 18 MAY 2017

Crudeoil trading range for the day is 3053-3225. Crude oil prices gained as support seen after data showed U.S. crude stockpiles fell for the sixth week in a row. The U.S. EIA said in its weekly report that crude oil inventories fell by 1.8 million barrels in the week ended May 12, the sixth weekly decline in a row.Global stockpiles have remained stubbornly high despite the curbs, in part because U.S. production has climbed 10 percent since mid-2016 to 9.3 million.

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