Crude oil prices rose supported by data showing initial jobless claims fell last week and by the dollar's weakness against the euro and a basket of currencies. OPEC will reduce crude shipments by 0.3 percent to the middle of next month as refiners cut imports while they conduct maintenance.

OPEC, which supplies about 40 percent of the world’s crude oil, will ship 23.38 million barrels a day in the four weeks to Sept. 11, down from 23.45 million in the month to Aug. 14. Now support for the crude is seen at 3431 and below could see a test of 3392. Resistance is now likely to be seen at 3494, a move above could see prices testing 3518.

Trading Ideas:

Crude trading range is 3392-3518.

Crude oil prices rose supported by data showing initial jobless claims fell  and weak dollar

Crude oil is taking support at 3448 and resistance at 3494 level

OPEC will reduce crude shipments by 0.3 percent to the middle of next month