EPIC RESEARCH MCX CRUDE OIL UPDATE OF 16 JUNE 2017

Crudeoil trading range for the day is 2840-2912.Crudeoil prices still continued to sustained below $45 mark although the pace of the collapse slowed, as traders continued to assess yesterday's Fed announcement. The International Energy Agency says it expects oil supplies next year to outpace demand despite consumption hitting 100mbpd for the first time. OPEC and its allies have promised to restrict output until at least the end of the first quarter of next year to try to drain surplus supply.

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