EPIC RESEARCH MCX CRUDE OIL UPDATE OF 09 MAY 2017

Crude oil trading range for the day is 2914-3048.Crude oil gave up its gains as the market weighed news from OPEC and other producers about prolonging output cuts against data showing the recovery in U.S. Drilling.Saudi Energy Min Al-Falih: Oil market moving toward rebalancing. US inventories will continue downward trend.Saudi Energy Min Al-Falih: Oil market continues to improve from early last year. Oil market hit by low seasonal demand; US refinery work.

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