EPIC RESEARCH MCX CRUDEOIL UPDATE OF 04 Nov 2016

Crudeoil trading range for the day is 2903-3107. Crude oil dropped triggered by a surge in U.S. crude inventories and doubts over the ability of producers to coordinate output cuts. Data showed stocks of oil in the US had risen by a record amount last week, adding negative sentiment. U.S. crude stockpiles soared by more than 14 million barrels last week, the largest weekly build up since the U.S. EIA started keeping records in 1982.
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