EPIC RESEARCH MCX CRUDE OIL UPDATE OF 12 JULY 2017

Crudeoil trading range for the day is 2801-2981.Crude oil climbed as a lower 2018 forecast on US crude production and speculation of possible output curbs in Libya and Nigeria. US EIA lowered its price forecasts for this year and next and cut its 2018 US production forecast by 1% to 9.90mbd. OPEC “faces overwhelming pressure” to curb global supplies, “possibly by bringing Libya and Nigeria, which have been exempt from production cuts.

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