EPIC RESEARCH Crudeoil UPDATE OF 9 August 2018

Crudeoil trading range for the day is 4420-4842.

Crude oil prices dropped after data showed U.S. crude stockpiles fell less than expected and U.S.-China trade tensions intensified.

Crude inventories fell by 1.4 million barrels in the last week, compared with expectations for a decrease of 3.3 million barrels.

China’s July crude oil imports recovered slightly in July after falling for the previous two months.

The EIA slightly cut its 2018 expectation for average 2018 U.S. crude output to 10.69 mbpd, down from its previous estimate of 10.79 mbpd.

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