Crudeoil trading range for the day is 3494-3714. Crude oil dropped as indications of increased drilling activity in U.S. offset signs OPEC members are adhering to planned output cuts. Russia cut its oil production in early January after an agreement with OPEC to cap global crude output, two people from the energy sector told. However, some traders remain skeptical that the planned cuts will be as substantial as the market currently expects.
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