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Crude oil Updates for 3 Jan 2017

Crude oil Updates for 3 Jan 2017

Crude oil trading range for the day is 3647-3717.Crude oil gained buoyed by hopes that a deal between OPEC and non-OPEC members to cut production will be effective in draining the global supply glut. Libya increased its production to 685,000 bpd as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation. Elsewhere in OPEC, member country Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

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