October 28, 2016

Crudeoil trading range for the day is 3145-3329. Crude dropped on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. Iraq plans this week to increase exports of Kirkuk crude by 150,000 bpd from its northern fields. Prices rallied on speculation Saudi and the rest of the OPEC will agree to a production freeze with Russia and other non-OPEC members.

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