Crude oil prices ended flat paring its gains amid a rebound in the dollar and a report showing bigger-than-expected weekly drop in US crude inventories. The U.S Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 2.8 million barrels to 358.0 million barrels last week and are above the upper limit of the average range for this time of year. Now support for the crude is seen at 3775 and below could see a test of 3754. Resistance is now likely to be seen at 3821, a move above could see prices testing 3846.

Trading Ideas:

Crude trading range is 3754-3846.

Crude oil prices ended flat paring its gains amid rebound in dollar

Crude oil is taking support at 3775 and resistance at 3820 level

U.S EIA in its weekly crude oil report said inventories decreased by 2.8 million barrels