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Crude oil prices dropped after data showed that U.S. crude supplies rose

Crude oil prices dropped after data showed that U.S. crude supplies rose

Crudeoil trading range for the day is 3562-3682. Crude oil prices dropped after data showed that U.S. crude supplies rose for the third week in a row last week. OPEC and other producers have agreed to cut production by almost 1.8 million barrels per day (bpd) for the first half of 2017 to fight a supply overhang. U.S. oil production, however, has risen by around half a million bpd since mid-2016 to 8.96 million bpd, offsetting significant amounts of any OPEC-led supply cut.

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