Crudeoil trading range for the day is 3927-4083.
Crude oil gained as faith in OPEC-led efforts to curtail supply outweighed the restart of production at Libya’s largest oilfield and concerns over China’s economy.
Oil demand growth has been flagging along with an economic slowdown, especially in Europe and Asia.
To prop up the market, the OPEC has led efforts since the start of the year to withhold around 1.2 million barrels per day (bpd) of supply.
OPEC-led supply cuts, as well as U.S. sanctions against its members Iran and Venezuela, come at the same time as U.S. crude output chases ever new records.
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