Crudeoil trading range for the day is 3998-4184.
* Crude oil dropped as focus shifted to a lack of progress in U.S.-China trade talks and U.S. reignited fears of a slowdown in the global economy and oil demand.
* Concerns that an economic slowdown might soon impact fuel consumption are preventing crude prices from rising further.
* Beyond voluntary supply cuts, oil prices have been boosted by U.S. sanctions against OPEC-members Iran and Venezuela.
* Iranian crude oil shipments have averaged just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April.
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