EPIC RESEARCH MCX CRUDE OIL UPDATE OF 16 AUGUST 2017

Crudeoil trading range for the day is 3009-3179.Crude oil dropped as data showed Chinese demand for oil eased in July while concerns over a rise in OPEC output continued to weigh on sentiment. U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said. Chinese refineries processed 0.4 percent more crude oil in July than a year earlier at 45.5 million tonnes, or about 10.71 mbpd, data showed.




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