Crude prices ended higher after falling sharply last week, weighed down by unseasonably warm temperatures in the US and a stable greenback. Meanwhile, a crude oil spill shut down parts of Port Arthur in southeast Texas near Houston on Sunday. Stocks staged a modest rebound on Monday, pausing from a recent downtrend that sparked talk of a correction following significant gains heading into the new year. OPEC nations must improve their compliance with the group’s output quotas to prevent further pressure on oil prices. Now support for the crude is seen at 3448 and below could see a test of 3420. Resistance is now likely to be seen at 3494, a move above could see prices testing 3512.

Trading Ideas:

Crude trading range is 3420-3530.

Crude prices ended higher after falling last week weighed by warm temperatures

Crude oil spill shut down parts of Port Arthur in southeast Texas near Houston

Today crude oil inventories: Exp: 1.4M Prev: -0.4M

SELL CRUDE FEB @ 3475-3480 SL 2502 TGT 3460-3445-3425.MCX