EPIC RESEARCH MCX CRUDE OIL UPDATE OF 28 AUGUST 2018

Crude oil trading range for the day is 4779-4861. Crude oil gains supported by a strengthening equities market and news that the United States and Mexico agreed to overhaul the NAFTA. Despite these worries, the crude market will likely draw support from U.S. sanctions against Iran, which from November will include oil exports. U.S. energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said.

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