Crudeoil trading range for the day is 2888-3182. Crude oil price surged to settle above $46 after a surprisingly big drop in U.S. crude oil inventories.
Energy Information Administration reported a 3.4 million-barrel decline in crude-oil supplies for the week ended May 6.
This week, Saudi Arabia made changes at the top of its oil ministry and said production will rise over the next few years.
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