EPIC RESEARCH MCX CRUDE OIL UPDATE OF 2 JUNE 2016

Crudeoil trading range for the day is 3200-3374.              
Crude oil dropped on expectations of OPEC inaction on output as its focus stays on retaining market share, while concerns about China's economy weighed on the demand outlook.     
Prices eased on concern that Middle East members of the OPEC, which meets on Thursday to discuss policy, could continue to raise output.           
Many Middle East oil producers have ramped up deliveries to Asia in an aggressive fight for market share.

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