EPIC RESEARCH MCX CRUDE OIL UPDATE OF 21 MAY 2018

Crude oil trading range for the day is 4801-4907. Crude oil prices gained boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions. Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries. The International Energy Agency said oil inventories in the developed world had already dipped below the five-year average, a measure targeted by OPEC and its allies.

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