EPIC RESEARCH MCX Crudeoil UPDATE OF 2 August 2018

Crudeoil trading range for the day is 4550-4750.

Crude oil prices settled lower after data showed an unexpected build in U.S. crude stockpiles as imports increased and exports fell.

U.S. crude inventories rose 3.8 million barrels last week as imports jumped, the government’s Energy Information Administration said.

Signs that a supply disruption in the Bab al-Mandeb Strait in the Red Sea could be resolved also weighed on prices.

The API data showed that domestic crude inventories rose by 5.6 million barrels last week.

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