Crude rose toward $80 a barrel, supported by news that Russia had halted oil supplies to Belarussian refineries after failing to agree terms for 2010. Crude oil ended the year up 78 percent from the $44.60 settlement on Dec. 31, 2008, the biggest percentage calendar year rise in a decade. OPEC oil output rose in December to a 2009 high led by Nigeria and smaller rises by others in the group. Now support for the crude is seen at 3722 and below could see a test of 3716. Resistance is now likely to be seen at 3733, a move above could see prices testing 3738.

Trading Ideas:

Crude trading range is 3660-3780.

Crude rose toward $80 a barrel on news that Russia had halted oil supplies

Crude oil is now having support at 3702 and resistance at 3748 level

Crude oil ended the year up 78 percent from the $44.60 settlement on Dec. 31, 2008

SELL CRUDE JAN BELOW 3718 SL 3740 TGT 3700-3682-3660. MCX