Crudeoil trading range for the day is 4324-4496.
Crude oil dropped after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production.
U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017.
U.S. crude oil production remained at a record 12.2 mbpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.
Venezuela’s oil output sank to a new long-term low last month due to U.S. sanctions and blackouts, with production plunging to 960,000 bpd in March.
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