EPIC RESEARCH MCX CRUDEOIL UPDATE OF 03 July 2018

Crudeoil trading range for the day is 4983-5181.

Crude oil prices rebounded from lows as a fall in U.S. supplies at a key delivery hub failed to offset concerns over a ramp up in Russian and Saudi output.

U.S. President Donald Trump wrote in a tweet that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

Saudi Arabia’s output is up by 700,000 bpd from May, a survey found, and close to its 10.72 million bpd record from November 2016.

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