EPIC RESEARCH MCX CRUDE OIL UPDATE OF 30 JANUARY 2017

Crudeoil trading range for the day is 3528-3736. Crude oil dropped after data suggested drilling is ramping up in the United States. The U.S. weekly oil and gas rig count from Baker Hughes showed that U.S. drillers added 15 oil rigs in the week, the 12th gain in 13 weeks. OPEC other producers, including Russia, agreed to cut output by almost 1.8 mbpd in the first half of 2017 to relieve a two-year supply overhang .

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