Crude oil on MCX settled up 0.24% at 4517 as traders mulled comments from Saudi's oil minister ahead of the Organization of the Petroleum Exporting Countries meeting next week. U.S. crude production rises and as the Organization of the Petroleum Exporting Countries, Russia and other allies look poised to increase output in their meeting in the Austrian capital on June 22-23. Russian Energy Minister Alexander Novak said after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations "in principle" supported the gradual exit from the deal.
Trading Ideas:
* Crude oil trading range for the day is 4462-4568.
* Crude oil gained as traders mulled comments from Saudi's oil minister ahead of the Organization of the Petroleum Exporting Countries meeting next week.
* U.S. crude output has risen by almost 30 percent in the last two years, and it is now close to top global producer Russia.
* U.S. consumption of gasoline in the United States rose to an historic high of 9.88 million bpd last week, according to the EIA.
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