EPIC RESEARCH MCX CRUDE OIL UPDATE OF 24 MAY 2017

Crudeoil trading range for the day is 3262-3386. Crude oil prices gained expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories. Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing. U.S. crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute (API) said.

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