EPIC RESEARCH MCX CRUDE OIL UPDATE OF 15 DECEMBER 2016

Crudeoil trading range for the day is 3438-3604. Crude oil prices dropped as pressure seen as gasoline supplies rose modestly despite U.S. crude oil stockpiles fell more than expected. Data from U.S. EIA showed that commercial crude inventories last week declined by 2.56 million barrels to 483.19 million barrels. OPEC pointed to a growing oil supply surplus next year unless members implement their deal to curb output from record levels.




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