EPIC RESEARCH MCX CRUDE OIL UPDATE OF 16 AUGUST 2018

Crude oil trading range for the day is 4609-4835. Crude oil prices under pressure after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook. U.S. crude inventories rose unexpectedly last week, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high. Signs of slowing economic growth and lower fuel demand increases, especially in Asia’s large emerging markets are weighing on the oil markets.

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