Crudeoil trading range for the day is 3267-3407. Crude oil crossed 50$ mark and later settled flat as investors responded to reports of further supply disruptions in Nigeria and growing Asian demand for Saudi Arabian oil.
The outlook for the global oversupply is positive as the IEA predicted earlier this month that global crude supplies will shrink dramatically this year.
Crude supplies at the Cushing, Oklahoma delivery hub fell by 649,000 barrels to 67.6 million barrels last week.
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