EPIC RESEARCH MCX CRUDE OIL UPDATE OF 22 MAY 2018

Crude oil trading range for the day is 4843-4993. Crude oil gained as geopolitical uncertainty rose after weekend elections in Venezuela viewed as illegitimate raised the prospect of US sanctions on the country’s exports. Production in Venezuela plunged to 1.5 million barrels last month, its lowest level in decades due to its ongoing economic crisis. The U.S. oil rig count, an early indicator of future output, was at 844, according to energy services firm Baker Hughes.

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