EPIC RESEARCH MCX CRUDE OIL UPDATE OF 24 JULY 2018

Crude oil trading range for the day is 4601-4835. Crude oil dropped as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. Fears that an escalating trade spat between Washington and Beijing could hit demand, particularly if Chinese growth is affected, also weighed. U.S. energy companies cut the number of oil rigs by the most since March as the rate of growth has slowed over the past month or so with recent declines in crude prices.

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