Oil prices recovered slightly its losses after seesawing for most of the day, supported by demand expectations owing to positive outlook of the US economy. The greenback's loss against the euro also helped the prices to rise moderately. OPEC will keep output targets steady, but could raise output later in the year as the economy recovers. Now support for the crude is seen at 3680 and below could see a test of 3652. Resistance is now likely to be seen at 3741, a move above could see prices testing 3774.

Trading Ideas:

Crude trading range is 3652-3774.

Oil recovered slightly supported by demand expectations owing to positive outlook of the US economy.

Support for the crude is seen at 3682 and resistance is at 3734.

OPEC will keep output targets steady, but could raise output later in the year

SELL CRUDE MAR @ 3720-3730 SL 3756 TGT 3700-3676-3660.MCX