Crude oil surged as manufacturing in the U. S. increased at the fastest pace since August 2004, signaling that fuel use in the world’s biggest energy-consuming country will gain. Royal Dutch Shell Plc’s Nigerian unit said it halted some flow stations in the country’s southern oil region after sabotage caused a pipeline leak.

The Organization of Petroleum Exporting Countries reduced crude production in January for the first time in five months. Output declined 45,000 barrels a day to an average
28.955 million. Now support for the crude is seen at 3391 and below could see a test of 3347. Resistance is now likely to be seen at 3461, a move above could see prices testing 3487.

Trading Ideas:

Crude trading range is 3380-3480.

Crude oil surges as growth in U. S. manufacturing accelerates

Royal Dutch Shell Plc’s Nigerian unit said it halted some flow stations sabotage caused a pipeline leak

The OPEC reduced crude production in January; output declined 45,000 barrels a day

BUY CRUDE FEB @ 3400-3410 SL 3388 TGT 3434-3456-3478.MCX