Crude oil ended lower as the dollar climbed back up, sparking risk aversion among oil investors. An oil price between $70 and $80 a barrel is "ideal," Saudi Arabian Oil Minister Ali al-Naimi told, upon his arrival for an OPEC meeting in Vienna on Thursday. OPEC may leave oil production quotas unchanged when it meets in three days’ time because signs of a recovery in fuel demand have yet to emerge among the world’s developed economies. Now support for the crude is seen at 3650 and below could see a test of 3628. Resistance is now likely to be seen at 3701, a move above could see prices testing 3730.

Trading Ideas:

Crude trading range is 3628-3730.

Crude oil ended lower as the dollar climbed back up

Crude looks to test support at 3650 and resistance is seen at 3701.

OPEC may maintain oil output in vienna on uneven economic growth