EPIC RESEARCH MCX CRUDE OIL UPDATE OF 28 MAY 2018

Crudeoil trading range for the day is 4418-4924.

Crude oil dropped on signs of increasing U.S. oil expansion and reports OPEC and its allies could lift output to counter a supply shortage from Iran and Venezuela.

Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million bpd, easing 17 months of strict supply curbs.

An increase of about 1 million bpd would bring compliance with global supply curbs down to 100 percent from around 152 percent.

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