Crudeoil trading range for the day is 3032-3244.
Crude oil dropped as rising Libyan production fueled concerns that OPEC-led output cuts are being undermined by several countries that are excluded from the deal.
Data from the American Petroleum Institute (API) showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26.
Libya’s oil production is expected to rise to 800,000 bpd, state-run National Oil Corporation said, which is likely to boost the country’s exports.
BUY CRUDEOIL JUN 2017 @ 3110 SL 3070 TGT 3145-3180.MCX.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.