Crude Oil Prices Dropped Amid A New Weekly Rise In U.S. Stockpiles

Crude oil trading range for the day is 3575-3647. Crude oil prices dropped amid a new weekly rise in U.S. stockpiles, albeit less significant than expected, dampened investors’ optimism. 

Pressure also seen after the latest Baker Hughes U.S. oil rig count rose by 5, topping 600 for the first time since October 2015. 

The Energy Information Administration said that U.S. crude inventories rose by 564,000 barrels in the week to February 17.

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