Crudeoil trading range for the day is 3720-3880. Crude oil dropped after the IEA’s gloomy monthly report stoked investor fears that rising US oil output would derail OPEC’s efforts to rebalance the market. Non-OPEC production, led by the US, is likely to grow by more than demand in 2018, according to a report from the International Energy Agency (IEA). Looming over oil markets, however, was rising production in the US which is undermining efforts led by OPEC and Russia to tighten markets and prop up prices.
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