Crude oil rose on cold weather that sent heating oil futures higher and on momentum from continued optimism about economic recovery. Concerns about unrest in Iran and the dispute between Russia and Ukraine over transit fees for crude oil going to Europe also were supportive. Now support for the crude is seen at 3651 and below could see a test of 3622. Resistance is now likely to be seen at 3700, a move above could see prices testing 3720.

Trading Ideas:

CRUDE TRADING RANGE IS 3620-3740.

CRUDE OIL ROSE ON COLD WEATHER ON MOMENTUM FROM OPTIMISM ABOUT ECONOMIC RECOVERY

CRUDE JUMPED AS PER EXPECTATION TILL 3680 STILL LOOK TILL 3800 BUT AFTER SOME PULL BACK.

DISPUTE BETWEEN RUSSIA AND UKRAINE OVER TRANSIT FEES ALSO SUPPORTED PRICES

SELL CRUDE JAN @ 3680 SL 3702 TGT 3658-3635-3610. MCX