Crudeoil trading range for the day is 4788-5004.
* Crude oil gained on a government inventory report showing U.S. crude supplies fell sharply last week.
* U.S. commercial crude inventories fell by 2.6 million barrels in the week to Aug. 24, to 405.79 million barrels.
* Global oil markets could tighten towards the end of this year due to strong demand and uncertainty of production in some oil producing nations.
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