Crude oil traded near $82 a barrel after falling as a stronger dollar trimmed demand for commodities as an alternative investment. The Organization of Petroleum Exporting Countries oil ministers met in Vienna this week and left production targets unchanged to support current price levels, which Saudi Arabian Oil Minister Ali al-Naimi called “beautiful.” There’s no reason to revisit the group’s output limits, he said. U.S. crude oil inventories increased for a seventh time last week to 344 million barrels, the highest level since the week ended Aug. 7, according to the Energy Department. Supplies gained 1.01 million barrels last week and were 5 percent higher than the five-year average. Now support for the crude is seen at 3723 and below could see a test of 3700. Resistance is now likely to be seen at 3765, a move above could see prices testing 3784.

Trading Ideas:

Crude trading range is 3700-3784.

Crude oil trades near $82 after dollar strengthens against euro

Support for the crude is at 3723 and resistance is at 3765.

U.S. crude oil inventories increased for a seventh time last week to 344 million barrels

SELL CRUDE MAR @ 3750 SL 3772 TGT 3726-3712-3695.MCX (CORRECTION DUE)