Crude oil prices moved in the range initially market has recovered after the previous day selloff but traded below the resistance at 3572 for today’s session market look to edged lower as after an industry report signalled petroleum inventories in top consumer the US were headed for a record, following an unexpected sharp increase in crude stocks last week.

Focus on U.S. inventories data from DOE for fundamental signals after bearish stockpile API data overnight. The big question for Wednesday is whether the DOE report will in any way mirror the API numbers, numbers were bearish, showing inventory builds in refined products, crude oil stocks as well as weaker demand. Nymex September contract down 20 cents at $75.57/bbl amid higher Asian equities. Now technically market is trading in the range as RSI for 18days is currently indicating 41.85, whereas 50DMA is at 3621.9 and crude is trading below the same and getting support at 3523 and below could see a test of 3494 level, And resistance is now likely to be seen at 3575, a move above could see prices testing 3598.

Trading Ideas:

Crude trading range is 3485-3589.

Crude oil futures tad lower after posting small gains overnight

Focus on inventories data from DOE for fundamental signals after bearish stockpile API data overnight.

Today Crude Oil Inventories Expected -1.1M vs -3.0M

SELL CRUDE AUG @ 3570-3580 SL 3602 TGT 3552-3528-3502.MCX

Crude $ is Trading at : 75.14$