EPIC RESEARCH MCX CRUDE OIL UPDATE OF 02 AUGUST 2017

Crudeoil trading range for the day is 3032-3286.Crude oil dropped as the rally in oil prices cooled, following reports that OPEC increased output despite the group’s pact to curb production. Sentiment has been boosted amid fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output. Prices got an additional lift from declining U.S. oil inventories and signs of a possible slowdown in U.S. shale production.

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