Crude Oil Dropped As Rising U.S. Drilling Activity

Crude oil trading range for the day is 3159-3269. Crude oil dropped as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.

Pressure also seen amid ongoing high supplies by OPEC despite its pledge to cut output by almost 1.8 mbpd together with some other producers like Russia. 

Libya's NOC said it was confident of regaining control of two key oil ports, Es Sider and Ras Lanuf, which have a combined capacity to export 600,000 bpd. 

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