EPIC RESEARCH MCX CRUDE OIL UPDATE OF 7 FEBRUARY 2017

Crudeoil trading range for the day is 3534-3662. Crude oil dropped as ample U.S. supplies and excess speculative length outweighed OPEC output curbs and rising tensions between US and Iran. Beyond rising drilling activity, there are also concerns that U.S. gasoline consumption, a key pillar for crude oil demand, is stalling. BMI Research said that around 6 percent of Chinese refining capacity would shut down at some point during the first half of the year.

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