The crude oil trading range for the day is 3108-3190.Crude oil dropped as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.Irans oil minister said that OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back.Saudi Arabia's Energy Minister Khalid al-Falih said there was the consensus with Central Asia over oil markets and production levels.
The natural gas trading range for the day is 201.5-215.9.Natural gas dropped in the line of expectation as cool weather raised long-term concerns that summer heat won't show up in full force.Investors are likely to continue to be more focused on the short-term weather pattern than the longer-term weather outlook for the summer.Natgasweather.com is calling for cooler than normal temperatures over the US later this week, while warm over the West.
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