EPIC RESEARCH MCX CRUDE OIL UPDATE OF 08 MAY 2017

Crude oil trading range for the day is 2769-3109.Crude oil rallied following assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.Saudi Arabia's OPEC Governor Adeeb Al-Aama told OPEC and non-OPEC nations were close to agreeing a deal on supply cuts.Traders also pointed to soaring U.S. oil output, up more than 10 percent since mid-2016 to 9.3 million bpd, levels not far off top producers Russia and Saudi Arabia.

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