Crude oil dropped on profit-taking after markets rallied the previous day due to a draw in U.S. stocks and an expectation of an OPEC-led cut in production.
Saudi Arabia's Energy Minister Khalid al-Falih said a cut would help reduce a huge overhang of supplies and stimulate new investments in the sector.
The OPEC announced late last month that it has a preliminary plan to limit production to a range of 32.5 million to 33.0 million barrels per day.
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