EPIC AGRI COMMODITY UPDATE:CRUDE OIL

[epicresearch]

Crudeoil trading range for the day is 6421-6701.Crude oil dropped as higher crude output from Iraq and a possible thaw in U.S.-Iran relations boosted the supply outlook.Iraq, a key OPEC producer, said it boosted output from its southern oilfields after repairing a leaking pipeline.Reports that Libyan oil production is on the rise after protesters reopened access to facilities also added to the selling pressureUncertainty over the future of the Federal Reserve’s stimulus program also weighed.