EPIC RESEARCH MCX CRUDE OIL UPDATE OF 3 JUNE 2016

Crudeoil trading range for the day is 3207-3385.              
Crude recovered as support seen as a sharp decline in crude inventories offset a widely expected decision by OPEC to leave its production ceiling unchanged.             
Energy Information Administration said in its weekly report that crude oil inventories fell by 1.366 million barrels in the week ended May 27.    
Crude prices hit session-lows after OPEC ended its semi-annual meeting in Vienna without making any adjustments to its production ceiling. 

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