Crude futures pared gains late Thursday in post-settlement trading after the Federal Reserve announced it was raising its discount rate. Crude oil futures earlier settled at a five-week high above $79 a barrel, fueled by geopolitical fears surrounding Iran's nuclear program and upbeat reports on U.S. mid-Atlantic factory activity and overall growth outlook.  Oil traders shrugged off data from Energy Information Administration showing domestic crude inventories rose much more than expected last week. now technically market is trading in the range as RSI for 18days is currently indicating 58.5, where as 50DMA is at 3584.8 and crude is trading above the same and getting support at 3554 and below could see a test of 3481 level, And resistance is now likely to be seen at 3680, a move above could see prices testing 3733.

Trading Ideas:

Crude trading range is 3619-3633.

Crude pared gains late Thursday in post-settlement trading after the Fed announced raising its discount rate.

EIA data showed crude stocks up 3.1 mbls last week, and against the API's 63,000 barrel drawdown.

Support from news that workers at Total's six French oil refineries extended a strike.

SELL CRUDE FEB @ 3620-3630 SL 3662 TGT 3600-3576-3545.MCX

CRUDE $ IS TRADING AT : 78.01$