EPIC RESEARCH MCX CRUDE OIL UPDATE OF 15 JULY 2016

Crudeoil trading range for the day is 2987-3093.              
Crude oil gained as short covering lifted prices hammered a day ago by unusually weak U.S. demand for motor fuel during the traditionally busy summer driving season.
The glut in the global oil market is persistent and is putting a lid on crude prices despite strong demand growth and steep declines in non-OPEC production, the IEA said.
Surging crude stocks have pushed floating storage to seven-year highs, the IEA said.

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