EPIC RESEARCH MCX CRUDE OIL UPDATE OF 6 JUNE 2016

Crudeoil trading range for the day is 3190-3356.              
Crude oil prices tumbled after OPEC failed to agree on a deal for a new output ceiling, thrusting concerns related to global oversupply back into focus.        
OPEC failed to agree to a clear oil-output strategy as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January.            
Despite the failure to agree on a joint policy, rivals Iran and Saudi Arabia both got what they wanted from the meeting.

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