EPIC RESEARCH MCX CRUDE OIL UPDATE OF 5 JULY 2016

Crudeoil trading range for the day is 3228-3346.              
Crude oil pared gains after comments by Saudi Energy Minister that the market was heading toward balance were tempered by slowing demand in Asia.
The energy minister of Saudi Arabia and the secretary general of producer club OPEC agreed that global oil markets were heading towards balance.         Russian oil output in June rose slightly from the previous month to 10.84 million bpd.

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