EPIC RESEARCH MCX CRUDEOIL UPDATE OF 05 July 2018

Crudeoil trading range for the day is 5011-5197.

Crude oil edged up following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta.

The American Petroleum Institute (API) said in a report that U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels.

Looming U.S. sanctions against major oil exporter Iran also remained in focus, as recent reports suggested that the U.S. government wants to shut Iran’s oil exports.

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