EPIC RESEARCH MCX CRUDE OIL UPDATE OF 05 JUNE 2017

Crudeoil trading range for the day is 2968-3186.Crude oil dropped on worries that U.S. President Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.U.S. crude production last week already stood nearly 500,000 bpd above the year-earlier level, straining OPEC's efforts to drain a global overhang.Rising output from OPEC members Nigeria and Libya, which are exempt from the deal, is also undercutting the attempt to limit production.

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