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Crude oil gained as investors took heart from strict OPEC compliance

Crude oil gained as investors took heart from strict OPEC compliance

Crude oil trading range for the day is 3543-3677. Crude oil gained as investors took heart from strict OPEC compliance with its pledge to cut output, although evidence of increasing U.S. production capped gains. The U.S. EIA said in its weekly report that crude oil inventories rose by 1.5 million barrels in the week ended February 24. OPEC reduced its oil output for a second month in February, showing the exporter group has boosted already strong compliance to around 94 percent.

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