EPIC RESEARCH MCX CRUDE OIL UPDATE OF 14 MAY 2018

Crude oil trading range for the day is 4736-4852. Crude oil prices gained on weekly basis as sentiment remained positive despite signs of an increase in U.S. production as rig counts jumped for the sixth week in a row. The number of oil rigs operating in the US rose by 10 to 844, its highest level since March 20, 2015, according to data. The uptick in rig counts raised expectations for a further ramp in U.S. output following data showed domestic output climbed by 84,000 barrels per day.

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