Crude Oil Dropped As Traders Continued To Assess The Impact Of Fresh Supply

Crude oil trading range for the day is 4577-4775.

Crude oil dropped as traders continued to assess the impact of fresh supply entering the market following OPEC's decision to lift output.

OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million bpd to tighten the market and prop up prices.

In the United States, U.S. energy companies last week cut one oil rig, the first reduction in 12 weeks, lowering the total rig count to 862, Baker Hughes said.

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