Crudeoil trading range for the day is 3114-3270. Crude oil dropped as the market discounted the latest talk by OPEC that it would extend output cuts beyond June. U.S. crude oil inventories rose by 4.5 million barrels in the week to March 17 to 533.6 million, the American Petroleum Institute (API) said. Rising production in the United States and elsewhere, and bloated inventories, are undermining efforts led by the OPEC to cut output .
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