EPIC RESEARCH MCX Crudeoil UPDATE OF 24 August 2018

Crudeoil trading range for the day is 4711-4819.

Crude oil gained recovering from lows as Washington's sanctions on Iran signaled tightening supplies.

U.S. commercial crude oil inventories fell by 5.8 million barrels in the week to Aug. 17 to 408.36 million barrels, the EIA said in its weekly report.

Kuwait is likely to sign deals with Saudi Arabia and Iraq to develop shared oil fields by the end of this year and start producing oil soon.

The Kuwait’s Oil Minister said “matters with brothers in Saudi Arabia are going at a steady pace and we expect the return of production in the divided region soon.”


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