EPIC RESEARCH MCX CRUDE OIL UPDATE OF 26 JULY 2016

Crudeoil trading range for the day is 2869-3023.              
Crude oil dropped amid worries that a global crude and refined product glut would weigh on markets for some time to come.  
The Paris-based International Energy Agency said last week that there were warning signs that global oil demand was ebbing.              
Moreover, traders continued to be worried that it will take longer for the global supply glut to rebalance as crude oil output. 

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