Crude oil ended lower on a report showing third-quarter economic growth was less than earlier estimated and on expectations that crude oil inventories rose last week. World oil demand will likely outpace the rate of new supplies in 2010. The Organization of Petroleum Exporting Countries meets on Dec. 22 in Luanda, Angola, to discuss production targets. The group agreed at its Sept. 9 meeting in Vienna to maintain production quotas at 24.845 million barrels a day. Now support for the crude is seen at 3504 and below could see a test of 3463. Resistance is now likely to be seen at 3608, a move above could see prices testing 3671.

Trading Ideas:

CRUDE TRADING RANGE IS 3480-3600.

CRUDE OIL ENDED LOWER YESTERDAY ON GROWTH RATE CUT AND FORECASTS THAT SUPPLIES GAINED

RISKY TRADER SELL CRUDE DEC @ 3535-3545 SL 3562 TGT 3515-3500-3482.MCX

NOW CRUDE IS TAKING SUP AT 3522 BELOW THIS LOOKS TILL 3500-3480.

TODAY CRUDE OIL INVENTORIES: EXP: 1.8M PREV:-0.9M