EPIC RESEARCH MCX CRUDE OIL UPDATE OF 01 FEBRUARY 2018

Crudeoil trading range for the day is 4040-4158. Crude oil prices recovered from lows shrugging off data showing US domestic oil supplies rose for the first time in 11 weeks. U.S. crude oil production in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output record. The report from the API showing crude stocks rose by 3.2 million barrels last week cast a further bearish pall over the market.

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