Crude Oil Gained As OPEC Supply Cuts And Expectations Of Lower U.S. Inventories

Crude Oil trading range for the day is 4049-4229.

Crude oil gained as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown.

But signs of a sharp economic slowdown and potentially even a recession kept markets from rising further.

Huge back-to-back declines of nearly 14 million barrels in U.S. crude stocks over the past two weeks have also provided the oil markets a big sentiment boost.

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