EPIC RESEARCH MCX Crudeoil UPDATE OF 29 AUGUST 2018

Crudeoil trading range for the day is 4753-4895.

Crude oil prices settled lower as gains waned and focus shifted to fresh supply data expected to show a slower pace of crude inventory drawdowns

OPEC found that oil producers participating in a supply-reduction agreement, which includes Russia, cut output in July by 9 percent more than called for.

OPEC and its allies agreed in late 2016 to cut output from 2017 by around 1.8 million barrels per day (bpd) versus October 2016 levels.

Meanwhile, the IEA warned of further supply disruptions, especially from Venezuela, where an economic crisis has cut deep into the OPEC-member's oil output.

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