Crudeoil trading range for the day is 3090-3238. Crude oil prices gains after Goldman Sachs said the market had ended almost two years of oversupply following global oil disruptions and flipped to a deficit.
In the United States, crude production has fallen to 8.8 million bpd, 8.4 percent below 2015 peaks as the sector suffers a wave of bankruptcies.
In China, crude oil output fell in April by 5.6% on the year to 4.04 million bpd, or 16.59 million metric tons, the lowest level since February 2015.
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