EPIC RESEARCH MCX CRUDE OIL UPDATE OF 30 MAY 2018

Crude oil trading range for the day is 4438-4622. Crude oil prices dropped as traders continued to fret the prospect of an increase in output from OPEC and Russia to offset a potential shortage in global supplies. Concerns that Saudi Arabia and Russia could boost output to meet the shortfall in supply from Iran and Venezuela have put downward pressures on oil prices. The OPEC and non-OPEC producers led by Russia have been curbing output by about 1.8 mbpd to prop up oil prices and reduce high global oil stocks.

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