Crude oil trading range for the day is 3257-3353. Crude dropped but held the psychologically important $50 mark while concerns over rising US oil production seen. OPEC members Saudi and Kuwait signaled that the OPEC, including Russia, would likely extend their oil output cut beyond June. US crude oil production rose to 9.25 mbpd, up almost 10% since mid-2016. US inventories of 532 mbls remained near all-time records reached in March.

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