EPIC RESEARCH MCX CRUDE OIL UPDATE OF 01 AUGUST 2017

Crudeoil trading range for the day is 3138-3236. Crude oil turned lower after hitting their as investors cheered signs that the global crude market was starting to rebalance. Prices seen support after US officials said sanctions on Venezuela’s oil sector could be announced, in response to an election held on Sunday. Some members of the OPEC and non-Opec nations will meet on Aug 7-9 in Abu Dhabi to discuss how to increase compliance with the deal to cut production.



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