EPIC RESEARCH MCX CRUDE OIL UPDATE OF 24 MAY 2016

Crudeoil trading range for the day is 3194-3298.              
Crudeoil dropped as concerns surrounding recent disruptions to crude production eased, renewing expectations that global supplies will continue to outpace demand.         
Iran recently reiterated that it has no plan to join any production freeze at the upcoming OPEC meeting.          
Prices were also pressured after oil-field services firm Baker Hughes Inc. reported Friday that the number of rigs drilling for oil in the US was unchanged last week.

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