Crudeoil trading range for the day is 2960-3192. Crude oil prices dropped as U.S. refineries continued to recover at a slow pace in the wake of flooding due to Storm Harvey which kept demand for crude oil subdued. Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy. Falling crude prices have weighed on U.S. drilling activity over recent weeks, as data showed the number of U.S. oil rigs fell from the prior week.
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