Crude Oil Lost More Than -1.5% On The Ground Of Rising US Oil Output

Crude oil trading range for the day is 3515-3655. Crude oil lost more than -1.5% on the ground of rising US oil output, while OPEC production cuts continued to offer support. 

API inventory data reported a build of 2.5mbls while gasoline inventories recorded an unexpected build of 1.84mbls.

A Russian news agency reported that non-OPEC Russia is expected to show a 117,000 barrel reduction in February from the previous month.

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