EPIC RESEARCH MCX CRUDE OIL UPDATE OF 1 AUGUST 2016

Posted by Farhan Khan on 12:14:00 with No comments
Crudeoil trading range for the day is 2705-2831.              
Crude oil prices gained supported by some short-covering but bringing the monthly decline to nearly 15 percent fuelled by a persistent global supply glut.  
OPEC's oil output is likely in July to reach its highest in recent history, a survey showed, as Iraq pumps more and Nigeria manages to export additional crude.    
Top OPEC exporter Saudi Arabia has kept output close to a record high, the survey found, as it meets seasonally higher domestic demand.

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