EPIC RESEARCH MCX CRUDE OIL UPDATE OF 8 MAY 2018

Crude oil trading range for the day is 4646-4816. Crude rallied bolstered by a growing consensus that US President will move to pull the U.S. out of a 2015 international accord to curb Iran’s nuclear program. Concerns over a deepening economic crisis in Venezuela, which has threatened the country's already tumbling oil supplies was another factor supporting prices. Russian Energy Minister Novak said that Russia is committed to reaching 100 percent compliance with an international pact led by OPEC to reduce oil output in May.

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