Oil prices pared its gains amid choppy trading, weighed down by a resurgent US Dollar and data showing a bigger-than-expected rise in US crude inventories during the past week. According to the weekly inventory data released by US Energy Department's Energy Information Administration, crude stockpiles rose 2.3 million barrels to 329 million barrels in the week ended January 29. Now support for the crude is seen at 3543 and below could see a test of 3514. Resistance is now likely to be seen at 3597, a move above could see prices testing 3622.

Trading Ideas:

Crude trading range is 3520-3630.

Oil prices pared its gains weighed down by resurgent dollar and bigger-than-expected rise in inventories

Support for the crude is at 3558 and resistance is at 3597.

Crude stockpiles rose 2.3 million barrels to 329 million barrels

BUY CRUDE FEB @ 3515-3525 SL 3490 TGT 3556-3570-3598.MCX