Oil prices ended lower in a late-session sell-off that erased earlier gains, as the dollar shrugged off initial weakness and resumed its upward move against the euro. Expectation for another build-up in US crude inventories also exerted downward pressure on the prices.

Angola's oil minister said earlier on Tuesday that the Organization of the Petroleum Exporting Countries would need to hold an extraordinary meeting if oil prices fell sharply again. Now support for the crude is seen at 3139 and below could see a test of 3080. Resistance is now likely to be seen at 3281, a move above could see prices testing 3364.

Trading Ideas:

Crude trading range is 3080-3364.

Oil prices ended lower erasing earlier gains as dollar shrugged off initial weakness

Support for the crude is seen at 3172 and resistance is at 3222.

Today crude oil inventories: Exp: 0.6M Prev: 1.9M

SELL CRUDE JUNE @ 3320 SL 3345 TGT 3300-3285.MCX