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According to the latest Reuters survey,  crude oil output of  the Organization of the Petroleum Exporting Countries (OPEC) dropped 280,000 barrels from June levels and declined to 29.42 million barrels per day (bpd), marking its lowest reading since 2011.

“Compared with the levels from which they agreed to cut, which in most cases was October 2018 output, the 11 members have reduced production by 1.321 million bpd. Given the pledged reductions total 812,000 bpd, that equates to 163% compliance,” Reuters reported.

The barrel of West Texas Intermediate erased the gains it  recorded after the weekly data showed a larger-than-expected in US Crude oil inventories earlier today and was last down 0.33% on the day at $58.13.