Crudeoil trading range for the day is 3703-3903. Crude oil prices rallied boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts. Armed assailants blew up a pipeline pumping crude oil to the port of Es Sider, cutting Libya’s output by up to 100,000 bpd. Iraqi Oil Minister Jabar al-Luaibi said he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices.
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