Crude Oil Dropped Amid Ongoing U.S.-China Trade War

Crude oil trading range for the day is 3744-4048.

Crude oil dropped amid ongoing U.S.-China trade war, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output.

Output from the OPEC rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed.

OPEC, Russia and other non-members, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year.

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Aug. 27, the U.S. CFTC said.

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