Crude Oil Gained As Traders Cheered Signs That Global Supply

Crude oil trading range for the day is 3552-3694. Crude oil gained as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output. 

Gains were limited amid ongoing concerns over rising U.S. oil inventories. Data showed that Russian oil output shrank by 100,000 bpd in January, adding to signs that major oil producers are sticking to their pledge to cut back output.

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