Crudeoil trading range for the day is 3481-3547. Crude oil prices steadied as supply cuts by OPEC and other major exporters tightened the market and drained inventories. Confidence has been fuelled by an effort this year lead by the OPCE and Russia to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets.Saudi Arabian Energy Minister Khalid al-Falih said supply and demand balances were tightening and oil inventories falling.
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