Crude oil trading range for the day is 4774-4928

Crude oil trading range for the day is 4774-4928.

Crude oil gained on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

Global inventories of crude oil and refined products dropped sharply in recent months due to robust demand and production cuts by the world's top producing countries.

Oil stocks were expected to drop further as the peak summer driving season nears, offsetting increases in U.S. shale output.

The IEA said global oil demand would average 99.2 mbpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd this summer.

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