Crude ended lower for the fifth day in a row, the longest losing streak since late October, pressured by the stronger dollar and concerns about the strength of economic recovery. The EIA raised its forecast for OPEC 2010 crude oil to 29.59 million bpd from its prior estimate of 29.44 million bpd. Now support for the crude is seen at 3400 and below could see a test of 3367. Resistance is now likely to be seen at 3473, a move above could see prices testing 3513.

Trading Ideas:

CRUDE TRADING RANGE IS 3380-3480.

CRUDE OIL FELL YESTERDAY LOWER FOR THE FIFTH DAY IN A ROW PRESSURED BY THE STRONGER DOLLAR

BUY CRUDE DEC @ 3400-3415 SL 3374 TGT 3438-3462-3485.MCX

THE EIA RAISED ITS FORECAST FOR OPEC 2010 CRUDE OIL TO 29.59 MILLION BPD

TODAY CRUDE OIL INVENTORIES: EXP: 0.8M PREV: 2.1M