Crude oil gained on fears that the civil unrest in Egypt could widen to other Middle East countries and disrupt oil shipments from the region. The canal shipped about 1.8 million barrels of crude oil and refined products in 2009, according to the U. S. Energy Information Administration. The 200-mile Sumed pipeline, an alternate route to the canal, carried about 1.1 million barrels a day that year. The Organization of Petroleum Exporting Countries on Monday said there is a risk of an oil shortage if the crisis in Egypt escalates. The group, of which Egypt is not a member, added it was willing to increase output in the event of an oil shortage. Now support for the crude is seen at 4128 and below could see a test of 4026. Resistance is now likely to be seen at 4285, a move above could see prices testing 4340.

Trading Ideas:

Crude trading range is 4026-4340.

Oil ended higher lifted by fears over continued unrest in Egypt.

Crude oil looks to get resistance at 4254 and support is seen at 4200 level.

OPEC said there is a risk of an oil shortage if the crisis in Egypt escalates.

CRUDE WILL WAIT FOR FRESH ENTRY. WILL SEE CLUES FROM EGYPT

Crude $ is Trading at : 91.95$