Wednesday, 1 August 2018

EPIC RESEARCH MCX Crudeoil UPDATE OF 1 August 2018

Crudeoil trading range for the day is 4636-4864.

Crude oil dropped as easing expectations for steep losses of Iranian crude offset data expected to show U.S. oil stockpiles fell for the second-straight week.

Pressure also seen as oversupply concerns rose after a Reuters survey showed OPEC output rose in July to its highest for 2018.

The survey showed OPEC increased production 70,000 barrels per day (bpd) to 32.64 million bpd in July, the most this year.

Data from the American Petroleum Institute showed domestic crude inventories rose by 5.6 million barrels last week.

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