EPIC RESEARCH MCX Crudeoil UPDATE OF 8 August 2018

Posted by Commodity Updates by Epic Research on 11:38:00 with No comments

Crudeoil trading range for the day is 4705-4827.

* Crude oil settled flat after prices seen supported amid reports that the U.S. restored sanctions against Iran, the world’s fifth-largest oil producer.

*Oil prices were also boosted by a report from EIA, estimating domestic oil production will grow at a slower rate than previously forecast.

* The EIA cut its 2018 U.S. crude output estimate to 10.68 mbpd from 10.79 million bpd and its 2019 output estimate to 11.7 mbpd from 11.8 mbpd.

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