Crudeoil trading range for the day is 2928-3040.Crude oil dropped as investors continued to fret about oversupply in the industry despite recent data showing strong refinery demand from China. The climbing prices were a result of strong demand as well as signs that relentless growth in U.S. oil production was slowing. OPEC member Kuwait said it would be premature to cap Nigerian and Libyan oil production as the two African countries' output needed to stabilize further.
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