Crude Oil on MCX settled down -2.2% at 3240 as traders grew more cautious due to the possibility of supply disruptions caused by incoming tropical storm Nate, although sustained signs that the market is progressively re-balancing continued to support the commodity. Prices retreated as traders monitored tropical storm Nate which was heading toward the Gulf of Mexico and was expected to evolve into a hurricane by the weekend.

Russian President Vladimir Putin said that a pledge by OPEC and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018.

Trading Ideas:

* Crude Oil trading range for the day is 3162-3362.

*Crude oil prices slid lower as traders grew more cautious due to the possibility of supply disruptions caused by incoming tropical storm Nate.

* King Salman of Saudi Arabia made no firm pledge to extend a deal between OPEC but said it was "flexible" regarding suggestions to prolong the pact until the end of 2018.

* Russian President Vladimir Putin said that a pledge by OPEC and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018.

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