Crudeoil trading range for the day is 4018-4240. Crude dropped as weighed after steady increase in U.S. output against OPEC's ongoing efforts to drain the market of excess supplies.US crude oil production, driven by shale extraction, hit 9.91 million barrels per day last week, according to government data Iran's oil minister said in earlier remarks that Iran is capable of cutting output in quick rates if OPEC decided to end the global deal to cut output.
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