EPIC RESEARCH MCX CRUDE OIL UPDATE OF 23 MAY 2017

Crudeoil trading range for the day is 3270-3350.Crude oil gained more than 1% as support seen on the combination of optimism surrounding this week’s OPEC meeting and a generally stronger Euro tone. Prices getting support from expectations that OPEC would extend its production cuts for a further nine months at its meeting on May 25th. NYMEX open interest was at another one-year high which indicates that overall market volatility is likely to remain at elevated levels.

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