EPIC RESEARCH MCX Crudeoil UPDATE OF 28 August 2018

Crudeoil trading range for the day is 4779-4861.

Crude oil gains supported by a strengthening equities market and news that the United States and Mexico agreed to overhaul the NAFTA.

Despite these worries, the crude market will likely draw support from U.S. sanctions against Iran, which from November will include oil exports.

U.S. energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said.

OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year.

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