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Wednesday 10 April 2019

EPIC RESEARCH MCX Crudeoil UPDATE OF 10 April 2019

Crudeoil trading range for the day is 4374-4544.

* Crude oil dropped after the IMF cut its global economic growth forecasts and as Russia signalled it may retreat from its production-cutting deal with OPEC.

* Russian Energy Minister Alexander Novak said there would be no need to extend the global oil output deal between OPEC and its allies.

* OPEC member Libya pumps around 1.1 million barrels per day (bpd), just over 1 percent of global oil output.

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