Crude oil prices pushed higher amid inflation concerns that lifted gold to another record high, a weaker dollar, and IEA warnings about higher prices and peak supply. Global oil supplies will come close to a peak by 2035 when oil prices will exceed $200 a barrel, the International Energy Agency said in its 2010 World Energy Outlook, as China and emerging economies drive demand higher. The IEA also raised its mid- and long-term oil price forecasts. Now support for the crude is seen at 3852 and below could see a test of 3832. Resistance is now likely to be seen at 3891, a move above could see prices testing
3910.

Trading Ideas:

Crude trading range is 3832-3910.

Crude oil prices pushed higher amid inflation concerns

Crude looks to test support at 3846 and resistance is seen at 3900.

Today crude oil inventories: Exp: 1.1M Prev: 2.0M