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Crude dropped because of investor concerns that OPEC-led supply cuts

Crude dropped because of investor concerns that OPEC-led supply cuts

Crudeoil trading range for the day is 3096-3210. Crude dropped because of investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. The U.S. EIA said in its weekly report that crude oil inventories rose by 5.0 million barrels last week to an all-time high of 533.1 million. OPEC agreed in November last year to curb its output by about 1.2 million barrels per day between January and June.

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