Crudeoil trading range for the day is 3701-3949.

Crude oil prices rise after a report from OPEC showed its production fell sharply last month, easing fears about prolonged oversupply.

Monday, January 21, 2019 OPEC cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said.

OPEC said in its monthly report that its oil output fell by 751,000 bpd in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

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