EPIC RESEARCH MCX CRUDE OIL UPDATE OF 10 MAY 2018

Crude oil trading range for the day is 4592-4924. Crude oil prices rose after a bigger-than-expected drawdown in U.S. oil inventories extended gains from the United States’ decision to quit a nuclear deal with Iran. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.2 million barrels in the week ended May 4. Total U.S. crude oil inventories stood at 433.8 million barrels as of last week, which the EIA considered to be in the lower half of the average range for this time of year.

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