EPIC RESEARCH MCX CRUDE OIL UPDATE OF 29 JULY 2016

Crudeoil trading range for the day is 2713-2875.                
 Crude oil dropped as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened.      
U.S. oil has been under pressure in recent weeks as signs of an ongoing recovery in U.S. drilling activity combined with elevated stocks of fuel products weighed.          
Because of ongoing oversupply, U.S. bank Goldman Sachs said this week that it did not expect a big recovery in prices any time soon.

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