Crude oil on MCX settled down -0.83% at 3218 pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts. Prices came under pressure from rising U.S. drilling and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia.

Trading Ideas: 

*Crude oil trading range for the day is 3159-3269. 

*Crude oil dropped as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.

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