EPIC RESEARCH MCX CRUDE OIL UPDATE OF 04 AUGUST 2017

Crude oil trading range for the day is 3098-3212.Oil dropped as investors looked ahead to an OPEC meeting next week for fresh insight into the oil cartel’s commitment.The high OPEC supplies come despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8 mbpd between January 2017 and March 2018.Data showed crude oil shipments by OPEC and Russia, hit a 2017 high of around 32 mbpd in July, up from around 30.5 mbpd in January.

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