Crude oil extended gains, trading above $80 a barrel, after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is in a “nascent” recovery. Oil climbed 1.5 percent yesterday as Bernanke told the House Financial Services Committee private-sector demand growth for goods and services will spur the rebound. The Energy Department reported U.S. oil supplies gained 3.03 million barrels last week to 337.5 million, the highest since November as the sentiment is for oil to continue to trade higher. Now support for the crude is seen at 3641 and below could see a test of 3593. Resistance is now likely to be seen at 3722, a move above could see prices testing 3755.

Trading Ideas:

Crude trading range is 3593-3755.

Crude oil ended up rebounding from a sharp loss with support coming from a weaker dollar

Crude is now having support at 3668 and resistance at 3708 level.

EIA said domestic crude stocks rose 3.0 million barrels last week

WAIT FOR CALL A JUMP TILL 3720 CAN BE SEEN OVERALL LOOK TO HAVE SOME WEAKNESS