Crude fell for the third-consecutive session as a weakening outlook on the economic recovery continues to stoke fears of dropping oil demand. The Organization of Petroleum Exporting Countries will reduce shipments this month as refineries close for maintenance, according to tanker-tracker Oil Movements. OPEC will ship 23.25 million barrels a day in the four weeks to Aug. 28, down 1.8 percent from the month ended July 31. Now support for the crude is seen at 3531 and below could see a test of 3490. Resistance is now likely to be seen at 3641, a move above could see prices testing 3710.

Trading Ideas:

Crude trading range is 3490-3710.

Crude fell for the third-consecutive session on demand fears

Crude oil is taking support at 3548 and resistance at 3600 level

The OPEC will reduce shipments this month as refineries close for maintenance