EPIC RESEARCH MCX CRUDE OIL UPDATE OF 31 MAY 2017

Crude oil trading range for the day is 3138-3278.Crude oil dropped as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season.
The non-OPEC producers that have signed up to the production cut deal reached a compliance rate of 66 percent in April, up from 51 percent in March.OPEC to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 will significantly tighten the market.

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