Crude Oil Dropped After The IMF Cut Its Global Economic Growth Forecasts

Crude oil trading range for the day is 4374-4544.

Crude oil dropped after the IMF cut its global economic growth forecasts and as Russia signalled it may retreat from its production-cutting deal with OPEC.

Russian Energy Minister Alexander Novak said there would be no need to extend the global oil output deal between OPEC and its allies.

OPEC member Libya pumps around 1.1 million barrels per day, just over 1 percent of global oil output.

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