EPIC RESEARCH MCX CRUDE OIL UPDATE OF 08 DECEMBER 2016

Crudeoil trading range for the day is 3304-3528. Crude oil dropped on persistent doubts whether a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang. The EIA said crude inventories fell by 2.389 mn barrels after a drop of 884,000 barrels the previous week. OPEC and non-OPEC oil producers will meet in Austria's to agree details of the output cut, which targets an overall reduction of 1.5 mbpd.

For MCX TIPS ✆ – 0731-6642300
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