Crude Oil Gained On Short Covering Recovering From Last Week’s Losses

Crude oil trading range for the day is 3170-3314.

Crude oil gained on short covering recovering from last week’s losses with the market remaining cautious as increases in U.S. drilling activity.

U.S. drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record.

Oil ministers from OPEC and non-OPEC agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.

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