EPIC RESEARCH MCX CRUDE OIL UPDATE OF 17 JANUARY 2018

Crudeoil trading range for the day is 4023-4159. Crude oil prices eased on profit taking but remained well supported amid expectations OPEC-led output curbs would further tighten global supplies. Rising US oil production, however, remains a concern for investors as data showed the number of U.S. oil rigs drilling for oil, an early indicator of future production. U.S. crude stocks fell by 11.2 million barrels in the week to Jan. 5 to 416.6 million barrels, industry group the American Petroleum Institute said.

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