Crude oil trading range for the day is 3436-3900

Crude oil trading range for the day is 3436-3900.

Crude oil dropped weighed down by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook.

U.S. crude oil production has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output.

Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption.

The International Energy Agency expects non-OPEC output alone to rise by 2.3 million bpd this year, up from its forecast six months ago of 1.8 million bpd.

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