Crude Oil settled down by -4.3% at 3113 on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014. With a high degree of uncertainty going into the last 24 hours before the meeting, traders said there was a high chance of sudden price swings based on news headlines coming out of Vienna. There remains disagreement among OPEC members over which producers should cut by how much, and a plan for non-OPEC oil giant Russia to participate has so far also failed. If OPEC agreed a production cut to 32.5 million barrels per day (bpd), down from 33.82 million bpd in October, crude prices would likely rise to the low $50s per barrel, Goldman said. "If no deal is reached, our expectation of rising (crude) inventories through 1H2017 would warrant prices averaging $45 per barrel through next summer," the bank said. On the demand side, South Korea's crude imports rose 3.9 percent in the third quarter of 2016 from a year earlier, as oil consumption climbed thanks to low oil prices. The world's fifth-largest crude importer shipped in 270.4 million barrels of crude oil in the July-September period, compared with 260.3 million barrels in the same period in 2015, its energy ministry said. Technically market is under fresh selling as market has witnessed gain in open interest by 42.5% to settled at 15145, now Crudeoil is getting support at 3053 and below same could see a test of 2992 level, And resistance is now likely to be seen at 3215, a move above could see prices testing 3316.

Trading Ideas:

Crudeoil trading range for the day is 2992-3316.

Crude oil dropped on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply.

There remains disagreement among OPEC members over which producers should cut by how much.

Indonesian Energy Minister Ignasius Jonan said he was not sure OPEC would clinch a deal to limit oil output when it met.