Posted by aditi on 11:11:00 with No comments
Crudeoil trading range for the day is 3505-3573. Crude oil gained boosted by an unexpected draw in U.S. gasoline inventories although bloated crude supplies meant that fuel markets remain under pressure. EIA predicts U.S. production will likely grow by 100,000 barrels a day this year from 2016 and another 500,000 barrels a day by 2018. OPEC and 11 other heavyweight producers, such as Russia, late last year pledged to trim down production by 1.8 million barrels a day to support prices.
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