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Crude oil dropped as prices remained under pressure from a stronger dollar

Crude oil dropped as prices remained under pressure from a stronger dollar

Crudeoil trading range for the day is 3566-3644. Crude oil dropped as prices remained under pressure from a stronger dollar and rising U.S. shale oil output. Rising U.S. output has helped boost domestic crude and fuel inventories to record highs.US crude oil exports rose to a record 1.03m barrels last week but the remarkable thing is the on-week gain was ~81%, largest since June 2014.

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