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Crude oil dropped as concern over record high U.S. crude inventories offset

Crude oil dropped as concern over record high U.S. crude inventories offset

Crude oil trading range for the day is 3489-3619. Crude oil dropped as concern over record high U.S. crude inventories offset optimism that OPEC and its allies have been following through to cut production. Still, oil remained locked within a tight trading range as strict OPEC compliance with output cuts offset rising U.S. oil reserves. Russian oil production fell in February to around 11.10 mbpd, from over 11.2 million in October, two sources familiar with the data told.

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