Crude oil ended at their lowest levels in two months, pressured by a sell-off in product futures after government data showed big increases in distillate and gasoline inventories last week.

The EIA said domestic crude stocks fell 3.8 million barrels to 336.1 million barrels last week, smaller than the 5.8 million barrel drawdown reported by the American Petroleum Institute and against the forecast for a 600,000-barrel increase . Now support for the crude is seen at 3267 and below could see a test of 3212. Resistance is now likely to be seen at 3416, a move above could see prices testing 3510.

Trading Ideas:

CRUDE TRADING RANGE IS 3260-3280.

CRUDE OIL ENDED LOWER PRESSURED BY A SELL-OFF IN PRODUCT FUTURES

WAIT FOR CRUDE TO SETTEL A BREAK ABV 3340 LOOK BULLISH ELSE 3280 IS SUPPORT.

SUPPORT FOR THE CRUDE SI AT 3302 AND RESIST IS AT 3356.

THE EIA SAID DOMESTIC CRUDE STOCKS FELL 3.8 MILLION BARRELS TO 336.1 MILLION BARRELS