EPIC RESEARCH MCX CRUDE OIL UPDATE OF 17 AUGUST 2017

Crudeoil trading range for the day is 2950-3114. Crude oil dropped as data showing U.S. crude production rose to its highest in over two years offset a decline in supplies of U.S. crude for a seventh-straight week. U.S. crude inventories dropped for a seventh consecutive week, falling 8.95 million barrels last week to 466.5 million barrels to their lowest since January 2016. The OPEC together with non-OPEC producers like Russia has pledged to restrict output by 1.8 mbpd between January this year and March 2018.



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