EPIC RESEARCH MCX CRUDE OIL UPDATE OF 16 FEBRUARY 2017

Crudeoil trading range for the day is 3504-3604. Crude oil prices fell as surge in inventories seen while market continues to welcome an effort to trim global supplies. US crude oil inventories jumped 9.5mbls last week taking the total to a record 518mbls, the EIA said Wednesday OPEC said output in January fell 890,000bpd from December to 32.14mbpd, putting the supply and demand balance globally.

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