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Crude oil edged higher supported by a falling U.S. dollar

Crude oil edged higher supported by a falling U.S. dollar

Crude oil trading range for the day is 3517-3675. Crude oil edged higher supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPECs commitment to cut output. Oil has drawn support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output. Under the agreement, OPEC, Russia and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million bpd, initially for six months.

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