EPIC RESEARCH MCX CRUDE OIL UPDATE OF 8 AUGUST 2018

Crude oil trading range for the day is 4705-4827. Crude oil settled flat after prices seen supported amid reports that the U.S. restored sanctions against Iran, the world’s fifth-largest oil producer. Oil prices were also boosted by a report from EIA, estimating domestic oil production will grow at a slower rate than previously forecast. The EIA cut its 2018 U.S. crude output estimate to 10.68 mbpd from 10.79 million bpd and its 2019 output estimate to 11.7 mbpd from 11.8 mbpd.

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