Crude oil fell yesterday as equities dropped, signaling that the U. S. economy and fuel demand will rebound at a slower pace. OPEC seaborne oil exports, excluding Angola and Ecuador, will rise by 50,000 barrels per day in the four weeks to Dec. 5. OPEC could decide to raise oil output slightly at its meeting on Dec. 22 if there were to be a substantial rise in oil demand and prices, Nigeria's oil minister. Now support for the crude is seen at 3612 and below could see a test of 3574. Resistance is now likely to be seen at 3710, a move above could see prices testing 3770.

Trading Ideas:

CRUDE TRADING RANGE IS 3590-3710.

CRUDE OIL DROPS FOR FIRST TIME IN FOUR DAYS AS EQUITIES DECLINE

BUY CRUDE DEC ABV 3675 SL 3648 TGT 3695-3716-3738. MCX

NOW CRUDE IS TAKING SUP AT 3636 BELOW THIS LOOKS TILL 3615-3600.

OPEC SEABORNE OIL EXPORTS WILL RISE BY 50,000 BARRELS PER DAY 

Commodity Analysis by Kedia Commodity, India’s Premium Research House,
Mumbai. Check out more commodity reviews at KediaCommodity. com